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Oil dips as prospects dim for U.S.-China trade deal
Oil prices dipped on Wednesday as prospects for a trade deal between Washington and Beijing dimmed, weighing on the outlook for the global economy and energy demand.
U.S. President Donald Trump said on Wednesday that the two countries were close to finalizing a trade deal but were unable to provide a date or location for the signing, much to the dismay of investors.
Brent Crude futures inched down by 0.3% to $61.90 per barrel by 0124 GMT.
U.S. West Texas Intermediate crude went down 0.3% to $56.65.
The International Energy Agency speculated that global oil demand would grow by 1 million barrels per day on average in 2025 but may slow to an average of 100,000 bpd a year afterwards as fuel efficiency and electric vehicles increases.
Even as production growth in the United States slows from breakneck pace of recent years, the world's top oil producer will still account for 85% of the increase in global oil production to 2030, and 30% for the increase in gas, the agency said.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
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