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Oil prices fell on Monday, as crude demand was down after US President Donald Trump announced the imposition of tariffs on more Chinese imports, which could intensify the war between the two largest economies in the world.
Tension in the Middle East has provided some price support, with Iran holding a tanker which is said to be dealing with oil smuggling.
Brent fell 50 cents, or 0.8 percent, to $ 61.39 a barrel. The US WTI benchmark was not better than its predecessor, with a decline of 24 cents, or 0.4%, to $ 55.42 a barrel.
Brent crude fell last week, with more than 2% Brent and about 1% US crude.
"The demand for oil is disappointing … in 2019 due to weak economic activity, adverse weather conditions and trade tensions," Goldman Sachs said in a research report.
Trump announced last week that it would impose a 10% tax on 300 billion dollars of Chinese imports and that it could increase further if Chinese President Xi Jinping did not act anymore. to reach a trade agreement between the two countries.
Trump extends the range of US taxes to almost all Chinese imports.
China promised Friday to respond to Trump 's decision, a decision that ends a one – month trade truce.
The trade war is affecting economic growth, leading to reduced demand for commodities such as oil.
Reuters
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