Oil extends losses, down over 2% amid renewed trade tensions

Markets 7/11/2018, 5:34 PM
Oil extends losses, down over 2% amid renewed trade tensions

Crude prices traded in the red on Wednesday, extending losses from earlier in the session with Brent losing over 2.5% as investment incentives remained considerably low amid the renewed trade war fears between the United States and China. Earlier today, the US prepared a list of $200 billion worth of Chinese goods that will be subjected to additional tariffs as China promised to retaliate with similar measures.

Oil values continued to trade in the negative territory despite the release of the EIA report that stated a decline of 12.6 million barrels in the US crude inventories for last week. The figure marked the biggest drop since September 2016. Market watchers also digested an OPEC monthly report released earlier in the day that forecasted an increase in global demand for 2019.

West Texas Intermediate for August delivery fell 2.02%, changing hands for $72.60 per barrel at 5:21 pm CET while the international benchmark Brent for settlements in September lost 2.76% to trade for $76.70 per barrel at 5:22 pm CET.

Breaking the News / VK

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F WBS+0.60%

65.86
Chart for: F WBS 12/18

Brent Crude (...+0.52%

73.07
Chart for: F BRN 10/18