While the stock markets were mixed and mostly up, crude oil did not experience the same escalation on Tuesday. As the US-China trade war is about to enter a new saga, oil prices dropped.
With the markets being anxious, not much trade happens during Tuesday trading. As a result, WTI Crude lost 0.85% and Brent Crude was down 0.72%. Apparently, the focus of the oil markets was on the upcoming trade war negotiations between the US and China in Washington DC. The outcomes of the negotiations are presumably affecting the global economy conditions as well as possible demands for crude oil.
Reflecting upon the current situation of the markets, the CEO of Aramco, Amin Nasser, opined that there are various factors affecting the market. However, the arguably biggest is the upcoming trade war negotiations. “There are so many factors impacting the price. The market was very satisfied with the response from Saudi Aramco (regarding the drone attack). I think what’s impacting the price today is the global economic situation, the tariffs dispute that’s ongoing right now between the two global economies and so all of these things are impacting the price of crude,” he said.
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