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Oil Prices Fall As Market Eyes Trade War

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Oil Prices Fall As Market Eyes Trade War Oil prices fell on Tuesday as the ongoing U.S.-China trade war cast a pall over markets, with soft South Korean data adding to concerns over emerging

Oil prices fell on Tuesday as the ongoing U.S.-China trade war cast a pall over markets, with soft South Korean data adding to concerns over emerging markets and a rise in OPEC output.U.S. crude CLc1 was down 26 cents, or 0.5 per cent, at 54.84 dollars a barrel by 0644 GMT, while Brent LCOc1 was down 6 cents at 58.60 dollars a barrel.The U.S.

A move on Sunday by Argentina to impose capital controls is also casting a spotlight on emerging market risks. Output from the OPEC rose in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top Saudi Arabia and losses caused by U.S. sanctions on Iran. OPEC’s share of the cut is 800,000 bpd, to be delivered by 11 members and exempting Iran, Libya and Venezuela.

 

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