According to Angel Commodities, on Monday, WTI Crude prices ended lower by 2.03 percent to close at $53.6 per barrel after the trade tension between the super-power nations amid weak Chinese data continued to weigh on the demand prospects for Crude.
Angel Commodities' report on Crude Oil
On Monday, WTI Crude prices ended lower by 2.03 percent to close at $53.6 per barrel after the trade tension between the super-power nations amid weak Chinese data continued to weigh on the demand prospects for Crude. Situations between U.S. & China worsened after agreeing to the first phase of a deal to end a prolonged trade war as China stated that they want another round of negotiations before entering in to any deal outlined by the U.S. officials. U.S. Treasury Secretary Steven Mnuchin stated that of the two nations fail to strike a deal by 15th December 2019, an additional round of tariffs might come into effect. Moreover, weak trade data by China pointed towards a persistent weakness in the demand globally as well as domestically. China being the biggest consumer of Crude, slowdown in their economy pushed the prices lower.
Fading optimism over chances of a possible trade deal between U.S. & China might weigh on the demand prospects for Crude and push the prices lower. We expect oil prices to trade sideways, international markets are trading lower by 0.67 percent at $53.23 per barrel.
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