Oil Prices Slip Amid Anticipation of US, China Trade Deal

Published December 11th, 2019 - 02:00 GMT
Oil Prices Slip Amid Anticipation of US, China Trade Deal
International benchmark Brent crude was trading at $63.95 per barrel for 0.37% loss. (Shutterstock)
Highlights
World's two biggest economies try to form trade deal before additional tariffs kick in on December 15

Crude oil prices were down during early trading on Wednesday as the markets await some form of a trade deal between Washington and Beijing before the implementation of additional U.S. tariffs on China due on Sunday, Dec. 15.

International benchmark Brent crude was trading at $63.95 per barrel at 0940 GMT for 0.37% loss after closing Tuesday at $64.19 a barrel.

American benchmark West Texas Intermediate was at $58.93 a barrel at the same time for a 0.29% decline after it ended the previous session at $59.19 per barrel.

The U.S. is set to impose 15% additional tariffs on $160 billion worth of goods that it imports from China on Dec. 15.

The world's two largest economies are trying to form some sort of a trade agreement before the additional tariffs go into effect.

Washington and Beijing have so far failed to agree on a phase-one trade deal amid their dispute.

In the last 20 months, the U.S. has imposed tariffs on $550 billion worth of Chinese imports, while China has reciprocated by implementing tariffs on $185 billion worth of imports from the U.S.

The trade dispute between U.S. and China has already hurt the global economic growth forecast for next year and has had a negative impact on overall oil demand throughout the world while putting downward pressure on crude prices.


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