Oil Prices Rise Despite Concerns Surrounding U.S.-China Trade Dispute
Tuesday, 6 August 2019 13:13 WIB | ENERGY |Minyak WTIMinyak MentahMinyak Brent

Oil prices gained on Tuesday in Asia despite concerns that escalating Sino-U.S. trade war could negatively impact demand for crude.

U.S. Crude Oil WTI Futures gained 1.1% to $55.21 by 1:14 AM ET (05:14 GMT). International Brent Oil Futures rose 1% to $60.41.

The fact that the People's Bank of China set the yuan fixing stronger than expected on Tueday was cited as a tailwind for oil prices today and provided some relief to investors, although markets now believe a trade deal might not come as soon as previously expected.

Oil prices were down more than 3% earlier this week as China allowed the yuan to tumble to its weakest level in a decade against the dollar. The Beijing action was a retaliation against Trump's plan to impose more tariffs on Chinese goods.

Source : Investing.com

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