Global oil benchmark Brent fell more than $2 a barrel on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals. The specter of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets, as tension between the world’s biggest economies intensified. Brent crude LCOc1 fell $2.10, or 2.7 percent, to a low of $76.76 before recovering slightly to $77.20, down $1.66, by 1208 GMT. U.S. light crude CLc1, supported by a tight North American market, was down 65 cents at $73.46 a barrel.
Oil prices fell on Monday as an uptick in U.S. drilling and concerns about demand due to the slow progress in U.S.-Chinese trade talks overshadowed support from OPEC-led supply restraint.
“Oil prices are still trying to figure out what lead to follow. On the one hand, there is the OPEC+ cut story, now coupled with increasing issues around Venezuelan supply”, Vienna-based consultancy JBC Energy said.
more at source: https://www.reuters.com/article/us-global-oil/oil-prices-steady-opec-cuts-countered-by-slow-progress-in-trade-talks-idUSKCN1Q0013