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US-China deals tariffs in focus



A worker is seen at the new CPF3 oil station in Halfaya oil field in South Maysan Province, Halfaya, Iraq December 12, 2018.

Essam al-Sudani | Reuters

Oil prices were lower on Monday following the entry into force of new tariffs introduced by the US and China, raising concerns about a further framework for global growth and demand for crude oil.

Brent crude was down 27 cents, or 0.5%, to $ 58.98 a barrel at 0324 GMT, while US oil was down 2 cents to $ 55,083 a barrel.

The United States began imposing 1

5% tariffs on a variety of Chinese goods on Sunday – including footwear, smartwatches and flat-screen TVs – as China imposed new duties on US crude, the latest escalation in a blue trade war.

US President Donald Trump said the pages will still meet for talks later this month.

Trump wrote on Twitter that his goal was to reduce US trust in China, and he again urged US companies to find alternative suppliers outside China.

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

"Trade and the tariff overhang are inevitable for oil markets, so even if trade uncertainties persist, it will be difficult for oil to pull off concerns about the threat to global demand," said Stephen Innes, Asia Pacific market strategist at AxiTrader.

South Korea's exports fell in August for a ninth month in a row, with weak demand from the largest buyer, China, and depressed computer chip prices globally, government data showed on Sunday.

The bleak data clouded the outlook for Asia's fourth largest economy as a brewing trade dispute with Japan emerged as a new risk at the height of the protracted US-China trade war.

Elsewhere, oil production from members of the Petroleum Exporting Organization rose in August for the first month of this year as higher deals from Iraq and Nigeria outweighed moderate holdings by top exporter Saudi Arabia and losses caused by US sanctions on Iran, a Reuters poll found .

In the United States, energy companies cut drilling rigs for the ninth consecutive month to the lowest level since January last year.


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