SINGAPORE - Oil prices dropped on Tuesday for a second straight session as the cons of a slowing global demand outlook outweighed the pros of OPEC’s agreement with associated producers at the end of last week to deepen crude output cuts in early 2020.
Brent futures were down 11 cents, or 0.2%, at $64.14 per barrel by 0204 GMT while West Texas Intermediate oil futures were down 7 cents, or 0.1% to $58.95 a barrel. The benchmarks fell 0.2% and 0.3% respectively on Monday. Data released on Sunday showed exports from China in November fell 1.1% from a year earlier, confounding expectations for a 1% rise in a Reuters poll.
U.S. President Donald Trump does not want to implement the next round of tariffs, U.S. Agriculture Secretary Sonny Perdue said on Monday - but he wants “movement” from China to avoid them.
45 does want to raise tariffs again. He is pulling a Reagan. He needs the tax revenue from it to compensate for his tax cuts to rich/corps.