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Home / Business / Reuters: Oil failure as US, China add more tariffs in trade war – news economy

Reuters: Oil failure as US, China add more tariffs in trade war – news economy



The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday – including footwear, smart watches and flat-screen TVs – as China imposed new duties on US crude, the latest escalation in a blue trade war. [19659002] flickr.com "src =" https://images.unian.net/photos/2019_01/1547220574-3214.jpg?0.7406203572646957 "title =" flickr.com "/>

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Brent crude fell 97 cents to $ 58.28 a barrel by 1543 GMT, while the US reference index for WTI crude was 46 cents to $ 54.64 a barrel. Activity was thin due to the US holiday working day, as reported by Reuters.

The United States began imposing 1

5% tariff rates on a number of Chinese goods on Sunday – including footwear, smart watches and flat screen TV – as China imposes new duties on US crude, the latest escalation in a blue trade war.

Read also fall in US commodity stocks

US P resident Donald Trump said the two sides will still meet for talks this month. Trump wrote on Twitter, saying his goal was to reduce America's dependence on China and again urged US companies to find alternative suppliers outside China.

"Although President Trump has indicated that planned talks between the United States and China will continue, the market has increasingly withdrawn into long-standing opposition between the two countries and will look to the central bank to facilitate risk taking," he said. BNP Paribas & # 39; Harry Tchilinguirian.

Beijing's 5% tax on US raw materials the first time the fuel had been targeted since the world's two largest economies started their trade war more than a year ago.

Elsewhere, oil production rose in August from members of the Petroleum Exporting Country Organization for the first month of this year as higher offers from Iraq and Nigeria outweighed the restraint of top exporter Saudi Arabia and declines caused by US sanctions on Iran.

In the United States, Hurricane Dorian was predicted to bring heavy rain and a storm surge late Monday to Wednesday to the east coast of Florida before traveling north toward the Carolina coast.

The National Hurricane Center's outlook for the storm, which packed sustained winds of 155 miles per hour (250 km / h), requested that it remain above sea level, saving the American mainland for a direct hit. If it remained offshore, it would be unlikely that the storm would result in reduced fuel demand that typically follows storm surge and power outages.

U.S. energy companies also cut drilling rigs for the ninth consecutive month to the lowest level since January last year. Total US crude production fell in June for the second consecutive month, according to a report from the Energy Department on Friday.

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