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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: The pump cylinders are operating in front of a drilling rig in an oil field in Midland, Texas, USA on August 22, 2018. REUTERS / Nick Oxford / File Photo
Brent crude oil futures fell 16 cents, or 0.2% to $ 77.93 a barrel, at 00:35 GMT.
West Texas Intermediate (WTI) futures fell 20 cents or 0.3% to $ 68.79 a 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.
Weighing the price of oil, US drillers added two oil rigs in the week to December 1, bringing the total to 749, the highest since September.
Reportage by Meng Meng and Aizhu Chen; edited by Richard Pullin
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