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BEIJING (Reuters) – World oil prices weakened at the start of Asian trade on Monday, fearing the US will impose additional tariffs on China, overcoming fears over future sanctions against oil. 'Iran.
PHOTO: A pump jack operates at sunset in an oil field in Midland, Texas, USA, August 22, 2018. REUTERS / Nick Oxford / File Photo
Brent LCoC1 crude futures fell 16 cents, or 0.2%, to $ 77.93 per barrel at 00:35 GMT.
West Texas Intermediate (WTI) futures contracts fell 20 cents or 0.3% to $ 68.79 per barrel.
"Market shortage expectations have cooled after last week's data showed an increase in supplies, while investors lowered the outlook for oil demand," said Wang Xiao, Guotai's director of research. Junan Futures.
US President Donald Trump is expected to announce new tariffs on Chinese imports of about $ 200 billion on Monday, a senior government official told Reuters on Saturday.
The surge in trade is raising concerns about the potential for slowing growth in oil consumption, offsetting supply concerns stemming from the upcoming US sanctions against Iran for its nuclear program.
Refiners in India, Iran's second-largest crude oil buyer, will reduce by nearly half their monthly shipment of Iran crude for September and October.
In terms of oil prices, US drillers added two oil rigs in the week to December 1, bringing the total to 749, the highest since September, for General Electric Co. (GE.N) Energy services firm Baker Hughes said in his report closely followed Friday. RIG-OL-USA-IHB
Reportage by Meng Meng and Aizhu Chen; edited by Richard Pullin
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