Oil prices weakened on Monday amid pessimism over U.S.-China trade talks and the...
LONDON - Oil prices weakened on Monday amid pessimism over U.S.-China trade talks and the prospect of slower economic growth globally that could reduce demand for crude.
U.S. West Texas Intermediate crude CLc1 was down 16 cents at $56.04 a barrel. WTI gained 1% last week. “Even though the crude oil supply picture is fundamentally tight ... and geopolitical risks front and center, the market remains extremely bearish around demand risks due to the escalation in protectionist trade policies and the risk of additional punitive tariffs,” said Emily Ashford, director of energy research at Standard Chartered.
Apart from U.S.-China talks, traders and investors are also keeping a close eye this week on the prospect of interest rate cut by the U.S. Federal Reserve. Crude prices were still supported by supply risk as tensions remain high around the Strait of Hormuz, the world’s most important oil passageway.
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