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Money Oil drops on concerns that U.S.-China trade deal may not stoke demand

07:30  15 january  2020
07:30  15 january  2020 Source:   reuters.com

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SINGAPORE (Reuters) - Oil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the United States and China U . S . West Texas Intermediate crude futures were down 19 cents, or 0.3%, at .04 a barrel. "A pickup with global demand for crude may struggle as

Oil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the United States and China , the world' s biggest oil Adding to worries over U . S .- China trade relations, the U . S . government is nearing publication of a rule that would vastly expand its powers to block

a close up of a light pole in front of a sunset: An oil pump is seen just after sunset outside Saint-Fiacre© Reuters/CHRISTIAN HARTMANN An oil pump is seen just after sunset outside Saint-Fiacre

By Jessica Jaganathan

SINGAPORE (Reuters) - Oil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the United States and China, the world's biggest oil users, may not boost demand as the U.S. intends to keep tariffs on Chinese goods until a second phase.

U.S. Treasury Secretary Steven Mnuchin said late on Tuesday that tariffs on Chinese goods will remain in place until the completion of a second phase of a U.S.-China trade agreement, even as both sides are expected to sign an interim deal later on Wednesday.

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"The market continues to trade lower on concerns about demand growth and the idea that Trump on Tuesday dismissed fears that the trade row with China could be drawn out further. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of

The China Phase 1 trade deal does continue to go on for the moment and we may be making progress there." U . S . Trade Representative Robert Lighthizer has U . S .- China flashpoints on Hong Kong, Taiwan and other issues did not derail negotiations that resulted in new concessions from China , said

Brent crude was down 19 cents, or 0.3%, at $64.30 per barrel by 0428 GMT. U.S. West Texas Intermediate crude futures were down 19 cents, or 0.3%, at $58.04 a barrel.

"A pickup with global demand for crude may struggle as U.S.-Chinese tensions linger after some hardline stances from the Trump administration," said Edward Moya, analyst at brokerage OANDA.

"Financial markets are disappointed that the Trump administration ... signaled tariffs will remain in place until after the 2020 U.S. Presidential election, depending on whether China comes through on their promises with the phase-one agreement."

U.S. President Donald Trump is slated to sign the Phase 1 agreement with Chinese Vice Premier Liu He at the White House on Wednesday. That agreement is expected to include provisions for China to buy up to $50 billion more in U.S. energy supplies.

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Oil drops on concerns that U . S .- China trade deal may not stoke demand . Stocks that have breached their resistance levels should ideally be in high demand among traders . But the test of whether this is a genuine breakout is when they go on to attain higher prices and the old barrier

Oil drops on concerns that U . S .- China trade deal may not stoke demand . Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of

Adding to worries over U.S.-China trade relations, the U.S. government is nearing publication of a rule that would vastly expand its powers to block shipments of foreign-made goods to Chinese technology giant Huawei, according to two sources.

Meanwhile, U.S. crude inventories rose by 1.1 million barrels, data from the American Petroleum Institute showed, countering expectations for a draw.

U.S. oil production is expected to rise to a record of 13.30 million barrels per day in 2020, mainly driven by higher output in the Permian region of Texas and New Mexico, the U.S. Energy Information Administration (EIA) said.

(Reporting by Jessica Jaganathan; Editing by Christian Schmollinger and Kenneth Maxwell)

Oil Jumps After Unrest Hits Key OPEC Producers Iraq and Libya .
Oil jumped back above $65 a barrel as supply disruptions in Iraq and Libya reignited concerns over the market’s vulnerability to geopolitical risk in key production regions. Futures rose more than 1.7% in London and New York. Iraq temporarily stopped output at an oil field on Sunday, with supply from a second site threatened as unrest escalates in OPEC’s second-biggest producer. In Libya, the country’s oil production almost ground to a halt after armed forces shut down a pipeline, halting output from the nation’s biggest field.

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