Global, World, Opec, China, Oil Prices

Global, World

Oil prices drop as hopes for US-China trade progress wilt

Oil prices slide as hopes fade for any significant progress in high-level US-China trade talks set to start later on Thursday

10.10.2019

Oil prices slide as hopes fade for any significant progress in high-level US- China trade talks set to start later on Thursday

High-level trade discussions between the two sides are set to start later on Thursday. But, according to media reports the pair had made no progress in preliminary, lower-level talks.

FILE PHOTO: Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. Picture taken on December 7, 2018. (Reuters Archive) Oil prices slid on Thursday as hopes faded for any significant progress in US-China trade talks that could dispel clouds over the global economy and gloom over prospects for weaker oil demand. Global benchmark Brent crude futures LCOc1 fell 26 cents, or 0.5%, to $58.05 a barrel by 0133 GMT, while US West Texas Intermediate crude CLc1 was at $52.38 per barrel, down 21 cents, a 0.4% drop. Chinese government officials told Reuters that China has lowered its expectations for progress in the talks to end a 15-month-old tit-for-tat trade dispute that has slowed global economic growth, upset by the US blacklisting of Chinese companies. US President Donald Trump expressed optimism on Wednesday, saying there was a very good chance the two sides will reach a trade agreement. But with high-level trade discussions set to start later on Thursday, the South China Morning Post reported the pair had made no progress in preliminary, lower-level talks. “Oil prices are basically left weighed down by yet another trade war anvil around the market neck,” said Stephen Innes, Asia Pacific market strategist at AxiTrader. “Traders likely have their finger to the wind trying to gauge the intensity of the latest headwinds but at minimum prices could be capped until the markets get some type of favourable headline tailwind at least,” Innes said Adding to concerns, US crude stocks rose 2.9 million barrels in the week to October 4, the Energy Information Administration (EIA) said, more than double analysts’ expectations for an increase of 1.4 million barrels. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) has granted Nigeria a higher oil output target under an OPEC-led supply cut deal, lifting the quota to 1.774 million barrels per day (bpd) from 1.685 million bpd, three OPEC delegates with knowledge of the matter said. Related News Read more: TRT World

China thinks the US is trying to stop its rise: Former US ambassador to China China thinks the U.S. is trying to stop its rise, this former U.S. ambassador to China says. “That’s going to make it much more difficult, not just in trade talks, but the general relationship.” We are trying to stop it’s rise. And we should be. Totalitarianism cannot be preeminent form of government on Earth. We should be working day and night with our allies to come up with ways to bring down China and pressure them into changing their murderous communist ways. another dem obama guy. disregard. “China thinks the U.S. is trying to stop its rise” China thinks?!!!! They should know it by now!

Oil falls on concerns over U.S.-China trade talksOil prices fell on Tuesday as Washington's blacklisting of more Chinese com...

Oil ends slightly lower as expectations fade for progress in U.S.-China trade talksOil futures ended slightly lower Tuesday as optimism faded over prospects for progress in high-level U.S.- China trade talks set for later this week. West...

Oil prices extend slide to third straight day, U.S.-China trade doubts growOil prices slipped for a third consecutive session on Wednesday as the prospect ... But California has record high gas prices. 🤔GavinNewsom 🤡 Can’t “we” as in the rest of the world just ignore the US and China as if they don’t exist and carry on with a normal life? It seems these 2 create most of the problems. ImpeachTrump

Oil prices dip for third day as U.S.-China trade doubts growOil prices slipped for a third consecutive session on Wednesday as tensions esca... So why did I pay $4.15 a gallon of regular today?

Oil prices drop as hopes for U.S.-China trade progress wiltOil prices slid on Thursday as hopes faded for any significant progress in U.S.-... This an old Tweet... Deal agreed to tonight & will be announced this week. 4000磅!



BTS Crashed TikTok With Their New Song 'On'

Which Upcoming BTS Collab Are You Most Excited About? Vote!

Russia Backs Trump’s Re-election, and He Fears Democrats Will Exploit Its Support

Russia is looking to help Trump win in 2020, election security official told lawmakers

Bloomberg Housekeepers Brace For Another Day Of Dressing Up Like DNC Candidates And Letting Boss Beat Them In Debate

Trump Mocks ‘Parasite’ Best Picture Win: ‘What the Hell Was That All About?’

Bette Midler, Goldie Hawn and Diane Keaton to Star in Comedy 'Family Jewels'

Write Comment

Thank you for your comment.
Please try again later.

Latest News

News

10 October 2019, Thursday News

Previous news

Vietnam's Hanoi closes railway cafes popular with tourists

Next news

Samsung Display to invest $11 billion by 2025 amid industry oversupply
Tainy Teams Up With Lauren Jauregui & C. Tangana for Rousing Bilingual Banger 'Nada': Premiere Trump blasts best-picture Oscar for South Korean film 'Parasite' Trump isn't pleased a South Korean film won best-picture Oscar Warren discusses imbalances in scrutiny for male, female candidates Warren calls reports of Russian meddling in 2020 election 'deeply worrisome' Coronavirus Live Updates: South Korea Cases Jump to 156 Infections Nevada town hall live: Joe Biden and Elizabeth Warren answer questions from 2020 voters - CNNPolitics South Korea ups emergency response as viral cases surge Warren proposes contract to free women from Bloomberg confidentiality agreements Boy Scouts' bankruptcy plan follows similar path as USA Gymnastics and Catholic diocese After Canceled Elections And Fraud Accusations, Dominicans Join Protests Demanding Justice - Latino USA Thalia Reflects on Her Career, Music as a 'Salvation Tool' & Transitioning From Pop to Urban
BTS Crashed TikTok With Their New Song 'On' Which Upcoming BTS Collab Are You Most Excited About? Vote! Russia Backs Trump’s Re-election, and He Fears Democrats Will Exploit Its Support Russia is looking to help Trump win in 2020, election security official told lawmakers Bloomberg Housekeepers Brace For Another Day Of Dressing Up Like DNC Candidates And Letting Boss Beat Them In Debate Trump Mocks ‘Parasite’ Best Picture Win: ‘What the Hell Was That All About?’ Bette Midler, Goldie Hawn and Diane Keaton to Star in Comedy 'Family Jewels' Trump Rips 'Parasite' Oscars Win and Brad Pitt in Colorado Rally Rant Block on Mississippi's fetal-heartbeat abortion bill is upheld Monsta X Performs 'You Can't Hold My Heart' on 'Today' USC is waiving tuition for students whose families make less than $80,000 Missing Idaho mom arrested in Hawaii, held on $5 million bail