Oil is losing steam after rising more than 5 percent last month as Trump repeatedly raises the stakes against China, rattling markets. Along with other risky assets, oil took a blow on concern the escalating tension will threaten growth that drives energy demand amid record U.S. output. That could hinder the efforts of the Organization of Petroleum Exporting Countries and its allies to curb a global glut and prop up prices. “The market is currently concerned for the escalating China-U.S. trade war tensions,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. “And with good reason, since this will be bad for global growth and oil demand growth further down the road.” Click Read More below for additional information.
Oil prices fell on Wednesday, dragged down by concerns about global economic growthas the U.S.-China trade dispute rumbled on, but receiving some support from tightened supply.
An eight-month trade war between China and the United States has worried global markets already concerned by signs of a slowdown in economic growth this year.
U.S.-China trade talks continue to present a binary risk for the oil market and other risky assets,” BNP Paribas strategist Harry Tchilinguirian told the Reuters Global Oil Forum.
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