Oil Holds Loss as Trade War Fears Spread in Oversupplied Market - Bloomberg

Oil Holds Loss as Trade War Fears Spread in Oversupplied Market - Bloomberg:

"Oil held losses below $64 a barrel as the risk of a trade war between China and the U.S. rattles a market that’s already grappling with swelling inventories. Futures were little changed in New York after losing 3 percent on Monday. China imposed retaliatory tariffs on U.S. goods valued at about $3 billion, the latest move in an escalating trade dispute between the world’s largest economies that’s spurring investors to shy away from risk assets. Meanwhile, American crude stockpiles are forecast to have risen for the fifth time in six weeks. While oil rebounded over 5 percent last month on rising geopolitical risk surrounding the U.S. and OPEC producer Iran, a rapid increase in American production -- which has topped 10 million barrels a day for eight straight weeks -- has placed a lid on prices. Investors also worry President Donald Trump’s protectionist policy will lead to further reciprocal tariffs by China, undermining global economic growth."



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