Rising oil prices despite intensifying trade dispute between the United States and China
Rising oil prices despite intensifying trade dispute between the United States and China
Oil prices rose on Friday after falling overnight amid fears of a trade war between China and the United States.
US President Donald Trump wants to push ahead with a tariff plan as soon as the public comment period expires next week, reports said on Friday. The report came after the United States and China imposed tariffs on goods valued at $ 16 billion. They also listed each other with $ 34 billion in imports in July.
Brent crude for November delivery rose 0.04% to $ 78.00 at 5:15 GMT, up 4% in August, while crude oil futures for October delivery rose 0.09% to $ 70.31 American. To record a 2% gain for the month.
“You have to wonder if (crude) can keep these prices in a world where President Trump doubles in his fight with the EU and China at the same time,” said Greg McKenna, chief market strategist at AxiTrader Securities Brokerage.
“Assuming that the trade war is about to escalate again, the questions traders are asking are global growth and demand for crude oil,” McKenna said.
US sanctions on the horizon against Iranian oil exports and the expected supply disruptions from Venezuela have also remained at the center of attention.
Traders expect a drop in crude supply in November when US sanctions against Iran take effect.