Oil Declines on Growing Fears of Prolonged U.S.-China Trade War
Tuesday, 18 September 2018 07:53 WIB | ENERGY |Minyak WTIMinyak Brent

Oil fell below $69 a barrel as fears the escalating trade tension between the U.S. and China will imperil economic growth and sap energy demand grew stronger.

Futures in New York fell as much as 0.6 percent on Tuesday. The Trump administration announced it will impose a 10 percent tariff on about $200 billion in imports from China next week, and more than double that rate in 2019. That overshadowed risks to global crude supply after Iranian oil exports plunged to a 2 1/2-year low while analysts forecast U.S. crude inventories to have declined for a fifth week.

West Texas Intermediate for October delivery declined as much as 38 cents to $68.53 a barrel on the New York Mercantile Exchange and traded at $68.57 at 9:15 a.m. in Tokyo. The contract fell 8 cents to $68.91 on Monday. Total volume traded was about 52 percent below the 100-day average.

Brent for November settlement traded at $77.72 on the ICE Futures Europe exchange after closing 4 cents lower on Monday. The contract traded at a $9.38 premium to WTI for the same month.

Bloomberg

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