Oil is cheaper because of the trade war, the United States and China

Нефть дешевеет из-за торговой войны США и Китая

Washington and Beijing still have not reached agreement on the terms of resuming negotiations.

World oil prices reference marks are reduced due to the lack of progress in trade negotiations between the US and China. This according to the auction on Tuesday evening, September 3.

So, as of 20:20 in Kiev November Brent crude on London’s ICE Futures exchange fell $0,86 (1,47%) to $57,80 per barrel.

The cost of the futures on WTI for October on the electronic session on the new York Mercantile exchange (NYMEX) fell by $1,57 (2,85%) to $53,53 a barrel.

Thus, the spread between the current contracts for Brent and WTI is $4,27 in favor of Brent.

According to media reports, Washington and Beijing still have not reached agreement on the terms of resuming negotiations.

In addition, the pressure of oil provide strong production growth in OPEC countries. The volume of production in the countries of the cartel, according to the consensus forecast of analysts surveyed by Bloomberg, increased by 200 thousand barrels per day compared with July, to of € 29.99 million b/d. Leaders on the production increase were Saudi Arabia and Nigeria.

Earlier on Tuesday it became known that the President of the United States Donald trump has warned China that if the us-China trade agreement will be signed after his re-election to the presidency in 2020, the conditions of the contract will be much tougher than expected now.

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