Investing.com – Oil price drop ped on Monday as new tariffs for both US and China trade dispute entered into force, raising concerns about an already- [1
U.S .. slipped 0.02% to $ 55.09 by 12:34 ET (04:34 GMT). International gained 0.44% to $ 58.99.
Over the weekend the Sino-American trade war intensified again as the US duty on 15% on Chinese goods including footwear, smart watches and flat panel televisions entered into force . Chinese tariffs of between 5% and 10% on a number of US goods also kicked in.
Adding fuel to the fire, U.S. President Donald Trump wrote in a tweet: “Importers can find suppliers outside of China. Definitely worth it, we don't want to be servants to the Chinese! "
" Redirecting the supply chain, "he added. "There is no need to buy everything from China!"
More trade talks between the two largest economies in the world are expected to happen later this month.
23. August Beijing announced a 5% toll for US crude first time oil was directly affected by the Sino-American trade war since it erupted for more than one year ago.
"Trade and customs overlays are inevitable for oil markets, so even if trade uncertainties persist, it will be difficult for oil to withdraw from concerns about the threat to global demand," said Stephen Innes, APAC market strategist at AxiTrader in a note quoted by Reuters.
Elsewhere, a Reuters investigation found that OPEC's oil production rose in August as higher offers from Iraq and Nigeria offset Saudi restraint and losses caused by US sanctions on Iran.
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