Oil dips in Asia on waning trade optimism
Oil prices on both sides of the Atlantic are flashing red amid warning US-China trade optimism and the resulting risk-off tone in the global markets.
At press time, a barrel of Brent is changing hands at $62.20, representing a 0.35% drop on the day. WTI is also trading in the red at $56.90 per barrel.
The losses could be associated with reports stating that the phase one” U.S.-China trade deal could slip into next year. Read more”¦
WTI fades bounce to 200-day EMA following an escalation in US-China tussle
With the trade/political jitters between the world’s top two economies likely challenging global energy demand, WTI stops the recent recovery below 200-day EMA while taking rounds to $57.00 during the Asian morning on Thursday.
The trade stalemate between the United States (US) and China worsened recently after President Trump said he doesn’t think “China is stepping up to the level I want in trade talks.” Also contributing to the pessimism is the Reuters’ news that Trump is expected to sign Hong Kong Human Rights Bill passed by Congress. Read more…
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