Oil prices down dragged by the China/US trade conflict

Oil Declines as Trade Tensions Continue to Stoke Demand Fears

Oil Declines as Trade Tensions Continue to Stoke Demand Fears

U.S. West Texas Intermediate (WTI) CLc1 futures were at $54.81 per barrel, down by 12 cents, or 0.2%, from the last close.

In a sign of lower production in the United States, the weekly US oil rig count, an early indicator of future output, fell for a sixth straight week as producers cut spending on new drilling and completions.

Oil prices slipped on Tuesday, offsetting narrow gains in the previous session, as sluggish demand forecasts countered expectations that major producers would prop up oil prices by limiting crude oil output.

While OPEC cuts might have initially pushed prices up while recent oil tanker attacks sent oil surging even more, this has largely been counteracted by America's growing domestic output.

The U.S. -China trade dispute rocked global equity markets last week, while a surprise build in U.S. crude stocks added downward pressure to oil prices, which have lost around 20% from their 2019 peaks reached in April. -China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday.

Kuwait on Monday also reiterated its commitment to OPEC+ supply curbs after Oil Minister Khaled al-Fadhel said Kuwait had cut its own output by more than required by the accord.

The economic outlook has deteriorated worldwide as the trade dispute between the United States and China escalates, Germany's Ifo economic institute said in its quarterly survey of almost 1,200 experts in more than 110 countries. OPEC has repeatedly warned that they were drawing the line at $50, promising further supply cuts should the price of oil fall that low.

Analysts said more reductions were needed to support prices as forecasters and government agencies issue gloomy predictions for the global economy and oil demand growth.

Crude prices held their gains after oil-field services firm Baker Hughes said the number of USA oil rigs fell again for another week - down by six to 764.

Goldman Sachs said in a note on Sunday that fears of the U.S.

Much of the world's oil passes through Strait of Hormuz near the Persian Gulf.

Oil prices fell on Monday amid worries about an economic slowdown and the U.S.

A lower yuan raises the cost of dollar-denominated oil imports in China, the world's biggest crude oil importer.

On Friday, the U.S. Commodity Futures Trading Commission said hedge funds raised their net long positions in U.S. crude futures and options in the week to August 6.

"They took the opportunity to get in", Yawger said.

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