SINGAPORE - Oil prices were mixed on Tuesday, pressured by concerns the escalating Sino-U.S. trade dispute could slow the global economy, while U.S. sanctions on crude exporters Iran and Venezuela helped keep the market on edge.
Talks between the world’s two biggest economies hit a wall over the weekend, when U.S. President Donald Trump announced a raft of new import tariffs on Chinese goods. Iran has threatened “reciprocal actions” against U.S. sanctions, which could mean restarting some of its nuclear program. Goldman Sachs said on Tuesday that “the recent Brent pull-back has taken prices too low in the face of tight fundamentals and growing supply risks, just as refiners come back from extended spring turnarounds.”
If US sanctions force oil importer to stop importing cheap Iran oil, then US should supply same oil to the importers at same price.
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