ISSN 2330-717X

Oil Prices Slip Amid Anticipation Of US, China Trade Deal

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Crude oil prices were down during early trading on Wednesday as the markets await some form of a trade deal between Washington and Beijing before the implementation of additional U.S. tariffs on China due on Sunday, Dec. 15.

International benchmark Brent crude was trading at $63.95 per barrel at 0940 GMT for 0.37% loss after closing Tuesday at $64.19 a barrel.

American benchmark West Texas Intermediate was at $58.93 a barrel at the same time for a 0.29% decline after it ended the previous session at $59.19 per barrel.

The U.S. is set to impose 15% additional tariffs on $160 billion worth of goods that it imports from China on Dec. 15.

The world’s two largest economies are trying to form some sort of a trade agreement before the additional tariffs go into effect.

Washington and Beijing have so far failed to agree on a phase-one trade deal amid their dispute.

In the last 20 months, the U.S. has imposed tariffs on $550 billion worth of Chinese imports, while China has reciprocated by implementing tariffs on $185 billion worth of imports from the U.S.

The trade dispute between U.S. and China has already hurt the global economic growth forecast for next year and has had a negative impact on overall oil demand throughout the world while putting downward pressure on crude prices.

Original source

Al Bawaba News

Al Bawaba News

Al Bawaba provides top stories and breaking news about the Middle East and the world. The Al Bawaba network consists of several web portals and media platforms.

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