Oil prices drop as escalating trade war clouds demand outlook
BEIJING (Reuters) - Oil markets dropped on Tuesday as the latest escalation in the Sino-U.S. trade war clouded the outlook for demand, although concerns over tightening supply offered prices some support. Brent crude futures had declined 27 cents, or 0.35 percent, to $77.78 per barrel by 0054 GMT
BEIJING (Reuters) - Oil markets dropped on Tuesday as the latest escalation in the Sino-U.S. trade war clouded the outlook for demand, although concerns over tightening supply offered prices some support.
U.S. West Texas Intermediate (WTI) crude
U.S. President Donald Trump on Monday said he would impose 10 percent U.S. tariffs on about $200 billion worth of Chinese imports.
U.S. Treasury Secretary Steven Mnuchin last week invited top Chinese officials to a new round of talks on the dispute, but thus far nothing has been scheduled.
"The growing trade dispute has hurt trading sentiment. The impact on economic growth is slowly dripping in, which again hurts oil prices," Wang Xiao, head of crude research at Guotai Junan Futures, said on Tuesday.
But supporting crude futures were potential supply cuts from U.S. sanctions on Iran. Sanctions affecting Iran's petroleum sector will come into force from Nov. 4.
Iranian crude oil export loadings have declined by 580,000 barrels per day in the past three months, Bank of America Merrill Lynch analysts said in a note to clients.
Meanwhile, oil output from seven major U.S. shale formations is expected to rise by 79,000 barrels per day to 7.6 million bpd in October, the U.S. Energy Information Administration said Monday.
Elsewhere, Russia's energy minister, Alexander Novak, said on Monday that the country was ready to discuss cooperation with the United States to balance the oil market.
(Reporting by Meng Meng and Aizhu Chen; Editing by Joseph Radford)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.