•   
  •   
  •   

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

Trump’s Trade Deal ‘In the Bag,’ China Hawk Peter Navarro Says

  Trump’s Trade Deal ‘In the Bag,’ China Hawk Peter Navarro Says The White House’s leading China hawk, trade adviser Peter Navarro, said Monday that a preliminary trade deal with Beijing is completed. “That’s a done deal, put that one in the bag,” Navarro said on Fox News. He declined to confirm a report by the South China Morning Post that Chinese emissaries led by Vice Premier Liu He will travel to Washington this weekend to sign the accord.Navarro’s affirmation for what the White House has called a “phase-one” trade deal indicates President Donald Trump doesn’t face pressure from his right to negotiate more favorable terms for the U.S.

That could temper China ' s oil demand growth by limiting its access to its second-largest trading partner. Chinese demand has been the main driver of global Concerns about increasing supply also pressured prices after a government report on Tuesday said that output from the U . S ., currently the

That could temper China ' s oil demand growth by limiting its access to its second-largest trading partner. Chinese demand has been the main driver of global Concerns about increasing supply also pressured prices after a government report on Tuesday said that output from the U . S ., currently the

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.

Trump says China trade deal may be signed shortly after January 15

  Trump says China trade deal may be signed shortly after January 15 Trump says China trade deal may be signed shortly after January 15In an interview with the ABC TV affiliate in Toledo, Ohio, Trump said: "We're going to be signing on January 15th - I think it will be January 15th, but shortly thereafter, but I think January 15th - a big deal with China.

SINGAPORE, Jan 15 (Reuters) - Oil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the United States and That could temper China ' s oil demand growth by limiting its access to its second-largest trading partner. Chinese demand has been the main driver of

Oil prices slipped on Wednesday on concerns that the pending Phase 1 trade deal between the United States and China , the world' s biggest crude U . S . Treasury Secretary Steven Mnuchin said late on Tuesday that the tariffs would remain even as a trade deal is set to be signed on Wednesday.

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.

China Used the Rest of the World to Cushion Itself From Trump’s Tariff Barrage

  China Used the Rest of the World to Cushion Itself From Trump’s Tariff Barrage China’s export juggernaut last year showed it can be nimble too, quickly diversifying into new markets to cushion the impact of Donald Trump’s tariff onslaught.That’s the key trend seen in China’s 2019 trade data published Tuesday, which show exports to the U.S. plunged 12.5% even as overall shipments rose 0.5%. The trade balance tells a similar story, with China’s surplus with the U.S. dropping 8.5% to almost $296 billion even as its overall surplus rose more than 20% to about $422 billion.© Bloomberg EU Surpasses U.S.

awaited the signing of a China - U . S . trade deal they hope will. spur world economic growth, after the Investors fear the global economy may not turn up enough to. lift corporate earnings and share Global oil benchmark Brent crude rose as the trade deal . marks a major step in ending a dispute that

Oil prices slip on concerns U . S .- China trade deal may not boost demand . PRECIOUS-Gold inches up as U . S . says China tariffs in Trading or investing in cryptocurrencies carries with its potential risks. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such

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)

EU warns of WTO challenge if China-US deal creates 'distortions' .
The European Union will challenge the China-US trade agreement at the World Trade Organization if it creates "distortions" in the market that harm EU companies, the bloc's envoy to Beijing said Friday. Ambassador Nicolas Chapuis told reporters the 28-nation EU "will monitor the implementation" of the "phase one" deal that was signed on Wednesday by President Donald Trump and Chinese Vice Premier Liu He. "In our opinion, quantitative targets are not WTO-compatible if they lead to trade distortions," Chapuis said. "If it were to be the case, we will go to the WTO to settle this matter.

—   Share news in the SOC. Networks
usr: 0
This is interesting!