US EditionOil Prices Plunge on U.S.-China Trade War Tit-for-Tat
Oil prices fell over 2.7% as renewed U.S.-China trade tensions and the International Energy Agency forecast increased supply and reduced demand growth.
- On Tuesday, global oil markets reversed earlier gains and fell as renewed U.S.-China trade tensions and an International Energy Agency warning on weaker fundamentals weighed on prices.
- Beijing's recent export controls last week and sanctions on five U.S.-linked subsidiaries of Hanwha Ocean, plus threats of 100% U.S. tariffs from November 1, have weighed on sentiment.
- Brent crude futures fell $1.72, or 2.7%, to $61.60 a barrel while the U.S. West Texas Intermediate benchmark was at $58.28, down 2.07% as of 9:21 a.m. EDT on Tuesday.
- OPEC+ signalled that its output plans will reduce the 2026 supply shortfall, as Brent futures 6-month spread hit its smallest premium since early May and WTI spread was narrowest since January 2024.
- Risk appetite faded as U.S. equities sold off amid AI bubble concerns, and analysts warned attacks on oil facilities or a renewed trade war could further sway markets.
22 Articles
22 Articles
The price of oil continues to fall on Wednesday, October 15. Two factors affect the market at the moment. First, China's growing relationship to the US. Second, the market responds to the IEA's warning of a possible commodity surplus in 2026. For example, Brent's morning costs are 0.3% to $62.18 a barrel, WTI 0.3% to $58.54, reports Reuters. The deterioration of China-US relations reinforces concerns about the weakening of the global economy. As…
Oil prices drop on supply Glut fears and U.S.-China trade tensions
SINGAPORE: Global oil prices continued to decline on Wednesday, extending losses from the previous session, as concerns over a potential supply surplus in 2026 and escalating U.S.-China trade tensions dampened investor sentiment. In early Asian trading, Brent crude futures dropped by 12 cents (0.19%) to $62.27 per barrel, while U.S. West Texas Intermediate (WTI) crude slipped 10 cents (0.17%) to $58.60. Both benchmarks had settled at their lowes…
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