Oil prices slipped today on concerns that the Phase 1 trade deal between the United States and China, the world\u2019s biggest oil users, may not boost demand as the United States intends to keep tariffs on Chinese goods until a second phase. <\/p>\n\n\n\n
U.S. Treasury Secretary Steven Mnuchin announced yesterday that tariffs on Chinese goods will remain the same until the completion of a second phase of a U.S.-China trade agreement, even as both sides are expected to sign an interim deal today.<\/p>\n\n\n\n
Brent crude LCOc1 was down 11 cents at $64.38 per barrel by 10:20 GMT. U.S. West Texas Intermediate crude futures CLc1 were down 12 cents at $58.11 a barrel.<\/p>\n\n\n\n
Edward Moya, analyst at brokerage OANDA, claimed that \u201cA pickup with global demand for crude may struggle as U.S.-Chinese tensions linger after some hard line stances from the Trump administration.\u201d <\/p>\n\n\n\n
\u201cFinancial markets are disappointed that the Trump administration … signalled tariffs will remain the same until after the 2020 U.S. Presidential election, depending on whether China comes through on their promises with the Phase 1 agreement.\u201d<\/p>\n\n\n\n
U.S. President Donald Trump is due to sign the Phase 1 agreement with Chinese Vice Premier Liu He at the White House on Wednesday. That agreement is expected to include provisions for China to buy up to $50 billion more in U.S. energy supplies.<\/p>\n\n\n\n
U.S. crude inventories rose by 1.1 million barrels, data from the American Petroleum Institute showed, countering expectations for a draw.<\/p>\n\n\n\n
U.S. oil production is expected to rise to a record of 13.30 million barrels per day in 2020, mainly driven by higher output in the Permian region of Texas and New Mexico, the U.S. Energy Information Administration (EIA) said.<\/p>\n\n\n\n
Their statements came after Russian news agency Tass reported that OPEC and its allies – known as OPEC+, started consultations on extending the current output-cutting deal until June without holding a meeting in March.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices slipped today on concerns that the Phase 1 trade deal between the United States and China, the world\u2019s biggest oil users, may not boost demand as the United States intends to keep tariffs on Chinese goods until a second phase. U.S. Treasury Secretary Steven Mnuchin announced yesterday that tariffs on Chinese goods will […]<\/p>\n","protected":false},"author":1,"featured_media":37029,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9271],"tags":[9265],"class_list":["post-30838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-oilu-s-china-trade-deal"],"_links":{"self":[{"href":"https:\/\/tabadul.tv\/en\/qatiqul\/wp\/v2\/posts\/30838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabadul.tv\/en\/qatiqul\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabadul.tv\/en\/qatiqul\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabadul.tv\/en\/qatiqul\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabadul.tv\/en\/qatiqul\/wp\/v2\/comments?post=30838"}],"version-history":[{"count":0,"href":"https:\/\/tabadul.tv\/en\/qatiqul\/wp\/v2\/posts\/30838\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabadul.tv\/en\/qatiqul\/wp\/v2\/media\/37029"}],"wp:attachment":[{"href":"https:\/\/tabadul.tv\/en\/qatiqul\/wp\/v2\/media?parent=30838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabadul.tv\/en\/qatiqul\/wp\/v2\/categories?post=30838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabadul.tv\/en\/qatiqul\/wp\/v2\/tags?post=30838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}