Oil Prices Slip on Demand Worries
Wednesday, 7 August 2019 13:03 WIB | ENERGY |Minyak WTIMinyak MentahMinyak Brent

Oil prices slipped on Wednesday in Asia as ongoing Sino-U.S. trade war sparked concerns over demand.

U.S. Crude Oil WTI Futures slipped 0.1% to $53.59 by 1:16 AM ET (05:16 GMT). International Brent also slipped 0.1% to $58.86.

The U.S. labelled China as a œcurrency manipulator earlier this week. While reports suggested that the labelling is merely symbolic, some analysts said the move could lead to a scaling up of the trade war and harsher impacts on global economic growth.

Meanwhile, reports that U.S. President Donald Trump and his administration ratcheted up action against Venezuela continued to be cited as supportive for the oil markets today and limited losses.

In other news, weekly data from the American Petroleum Institute showed U.S. crude inventories fell by 3.4 million barrels in the week ended Aug.2 to 439.6 million barrels.

Source : Investing.com

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