Oil Stabilizes After Rapid Slump Amid Fears of Global Trade War - Bloomberg:
Oil stabilized on Monday, giving traders a brief respite from the rapid slump driven by fears that increasingly aggressive U.S. trade policy could trigger an economic slowdown.
Futures in New York rose 0.7%. While there was no repeat of the 5.5% slump seen on Friday, the trade war still loomed over markets as China blamed the U.S. for the collapse in trade talks and said it won’t be pressured into concessions. Saudi Energy Minister Khalid Al-Falih called recent volatility ``unwarranted'' and reiterated his confidence that OPEC+ will keep taking action to stabilize the market beyond June.
The trade tensions mean oil has moved close to the edge of a bear market, having fallen almost 20% from a high in late April. A tense situation in the Middle East hasn't been enough to support prices. Meanwhile, there could be greater clarity this week on whether Russia will keep cooperating with Saudi Arabia on production cuts as ministers from the countries meet in St Petersburg.
No comments:
Post a Comment