Monday , October 26 2020

Oil Tanks On a Worst Day in Six Months



Oil prices have fallen on Thursday, joining global sales in equity, as US-China's growing trade war came to prominence again, relieving the prospects for economic growth and oil growth t per day after the AEA reported a further increase in piles of.

WTI Crude hit below the $ 60 butt loop for the first time since the end of March, and Brent Crude prices fell below $ 70 per barrel for the first time since the beginning of April.

From 11:25 a.m. Thursday, WTI Crude was diving more than 5 percent – from 5.26% at $ 58.19, while Brent Crude fell 4.45% at $ 67.83.

WTI and Brent today are on track for their worst daily and weekly drops in six months.

The oil and stock markets were hit hard on Thursday by the growing tension in the US-China trade war, which investors are increasingly concerned about the state of the global economy and, by extension, the t forecasts for global oil demand growth for the rest of the year.

After weeks of seamless discussions and more tariffs and retaliatory payments that two world economies are tied to each other, China said today that the negotiations about resolving the trade dispute will not resume until the US t go to my actions wrong actions. # 39;

“If the US liked to continue discussing, he should, with sincerity, adjust his wrong actions. Only then can conversations continue, ”CNBC quoted Gao Feng, a spokesperson in the Chinese Ministry of Commerce, saying on Thursday.

The US manufacturing growth figure. in May, which showed the weakest growth in growth in nearly a decade, weakened feelings further in the markets, and nearly 400 points had worsened the Dow.

Oil prices were beaten by the cloudy outlook on the global economy and the demand for oil, on top of the EIA's inventory report yesterday, which showed that a crude oil list was building 4.7 million t barrels in the week to May 17.

By Tsvetana Paraskova for Oilprice.com

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