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Oil dragged into U.S.-China trade war, prices slump

Oil dragged into U.S.-China trade war, prices slump

23.8.2019

Oil dragged into U.S.-China trade war, prices slump

China on Friday threatened to impose tariffs on U.S. crude oil imports for the f...

Pumpjacks are seen during sunset at the Daqing oil field in Heilongjiang province, China August 22, 2019. REUTERS/Stringer

China, one of the world’s biggest crude importers, has sharply lowered U.S. shipments from a record high hit last year. With the latest tariffs, purchases are likely to grind to a halt, traders and analysts said.

“With China being the world’s foremost crude import growth region, U.S. producers need China, not the other way around,” he said. “The U.S. will have to find alternative buyers for their crude, which will be a challenge given the weakening global demand backdrop.”

“Chinese buyers will (now) be looking to purchase Brent and Dubai-based crude oil and I would expect that to result in a widening of the Brent to WTI spread,” Andy Lipow, president of Lipow Oil Associates in Houston.

“Further disruption is likely even if the tariff is only 5%,” said Reid I’Anson, an energy economist at Kpler.

Read more: Reuters Top News

? The Presidunce shudda stayed in TPP so we wudda had the strength of our allies against Xi. Now we’re going it alone & Xi has opened a can of whoop ass on Trump. DJT is pissing away the growing economy left by Obama. Who thought a failed biz man would be a good prez?

U.S. says China is blocking trillions in oil and gas, will send Navy for Asia drillsThe U.S. is weighing in on Vietnam's side amid a standoff in the South China Sea, where Washington says Beijing is blocking access to '$2.5 trillion in unexploited hydrocarbon resources.' If they are blocking it, what's it to the US? Why do they have to police the world!!! Leave the world alone half the shit going on around the world is because of the US if they just stop there would actually be peace in the world!!! Another propaganda!

A slump in freight shipping flashes warning signs for economy as US-China trade war ragesFalling air cargo demand could be flashing warning signs about the broader economy. this is due to Trump's aggressive trade war. no one wins in a trade war, especially the ordinary person. the longer it goes on jobs in every country will have to go

Oil prices eke out small gains ahead of Fed Chair speechOil prices clawed back the previous day's losses on Friday, with Brent nudg...

Alberta's smaller oil producers eye output boost after curbs liftedSmall and mid-sized Alberta oil producers are looking to increase drilling as ea... As long as enough

Lawmakers urge no new tariffs for European olive oilA bipartisan group of lawmakers is urging the Trump administration to spare olive oil from being targeted by potential tariffs on European goods According to trump we don’t pay tariffs so what difference would it make? Lol By “bipartisan” you mean a bunch of liberal kale salad eating pansies? Popeye can’t protect ? Lol

The Absolute Best Olive Oil to Cook With, According to an ExpertWe asked an olive oil expert. Here's what they said. So the best olive oil is the product the interviewee sells. Right.

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