Singapore — Oil prices were under pressure on Monday following their biggest drops in 2019 the week before, as concerns the Sino-US trade war could trigger a broad economic slowdown dragged, although Opec’s supply cuts provided some support.
Front-month Brent crude futures, the international benchmark for oil prices were firmer, at $68.73 per barrel, 4c above their last close. “Sentiment remains fragile and vulnerable to any deterioration in US-China trade frictions,” said Jeffrey Halley, senior market analyst at futures brokerage Oanda in Singapore.“Some signs of low confidence are creeping into positioning data,” Bell said.“The impact from a trade war is a more medium- to long-term issue and December spreads weakened sharply over the last week,” said Edward Bell, commodity analyst at Emirates NBD bank.
The outlook for flat car sales may be too optimistic still, as monthly sales have so far declined for 10 consecutive months.
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