Oil prices under pressure from the US-China trade war

Oil prices under pressure from the US-China trade war

WTI crude oil prices settled at $58.43 a barrel or 0.3 percent lower than the current level, while crude oil prices settled at $68.82 a barrel or 13 cents less.

Both oil types hit their highest level this year as the US-China trade dispute could accelerate an international economic slowdown.

“Sentiment remains fragile and vulnerable to any deterioration in US-China trade friction,” said Jeffrey Halley, senior market analyst at OANDA in Singapore, the Telegraph reports.

In oil markets, the effect of the trade war is best seen beyond the domestic market.

“The impact of a trade war is a longer-term issue,” said Edward Bell, analyst at Emirates NBD bank.

Amid the US-China trade conflict, profits for China’s industrial firms fell. /Telegraph/

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