• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

      Companies

      Total Nigeria, Mixta, Valency, list new CPs on FMDQ platform to enhance financial markets development

      January 19, 2021

      Finance

      Amidst N32.22trn public debt, analysts say Nigeria’s external debt service manageable

      January 19, 2021

      Finance

      Stringent regulations, business environment forced Stanbic IBTC out of BDC business

      January 15, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Africa Investment Forum

      Africa’s $60bn losses in illicit capital flows due to multinationals’ tax avoidance, says AfDB Adesina

      9 hrs

      Frontpage

      Covid-19 vaccine: Nigeria, 54 others to benefit from African Union’s 270m doses

      January 21, 2021

      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

      WORLD BUSINESS & ECONOMY

      AfDB signs investment partnership with EIB to fast track development in Africa

      January 21, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

      OPEC welcomes push for electric vehicles, but says fossil fuel remains strong

      January 21, 2021

      National: Governance, Policy & Politics

      Nigeria ramps up domestic LPG consumption above 1MMT, says PPPRA

      January 20, 2021

      Companies

      TIPP Oil, German lubricant maker, targets 2021 Nigeria launch with eco-friendly scheme  

      January 19, 2021

      Frontpage

      Nigeria aims for cost efficiency, safety, value in oil sector with centre of excellence

      January 19, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      CBN meeting and NSE in focus

      January 18, 2021

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      January 18, 2021

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      January 18, 2021

      Analyst Insight

      Data privacy maturity model in organisations

      January 11, 2021

Frontpage

Oil prices slides 3% as U.S.-China trade war escalates

August 23, 2019430 views0 comments

Oil prices fell nearly 3% on Friday after China unveiled retaliatory tariffs against about $75 billion worth of U.S. goods, marking another escalation of a protracted trade dispute between the world’s two largest economies.

Brent crude futures fell $1.04, or 1.7%, to $58.88 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.47, or 2.7%, to $53.88 a barrel.

Brent futures were set to gain 0.4% for the week, while WTI was on track to fall 1.9% for the week.

China’s commerce ministry said it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including agricultural products such as soybeans, crude oil and small aircraft.

Read Also:

  • Copper, aluminium prices mixed on LME, SHFE
  • China’s economy grows 2.3%, with potentials to overtake U.S. beyond expectations

In retaliation, U.S. President Donald Trump said he was ordering U.S. companies to look at ways to close their operations in China and make more of their products in the United States instead.

“We still view the U.S.-Chinese trade standoff as a major bearish consideration that will likely be requiring additional downward oil demand adjustments as this year proceeds,” said Jim Ritterbusch, president of Ritterbusch and Associates.

Investors also focused on a speech by U.S. Federal Reserve chair Jerome Powell at an annual economic symposium in Jackson Hole, Wyoming.

The U.S. economy is in a “favorable place” and the Federal Reserve will “act as appropriate” to keep the current economic expansion on track, Powell said.

The remarks gave few clues about whether the central bank will cut interest rates at its next meeting or not.

Meanwhile, St. Louis Federal Reserve Bank President James Bullard said policymakers will have a “robust debate” about cutting U.S. interest rates by half a percentage point at their next policy meeting in September.

Exacerbating concern over the possibility of recession, U.S. manufacturing industries registered their first month of contraction in almost a decade.

“Some have blamed the hesitant tone (for oil prices) on an end-of-summer lull. Yet, in truth, the sense of unease stems from ongoing worries about the global economy,” said Stephen Brennock of oil broker PVM.

Tensions in the Middle East have kept investors on edge as well. Iran’s foreign minister said talks held on Friday with French President Emmanuel Macron about a landmark 2015 nuclear deal were “productive.”

Iran has said it will scale back compliance with the pact unless the Europeans find a solution enabling Tehran to sell its oil despite U.S. sanctions.

Share on Facebook Tweet Email
TagsOil prices slides U.S.-China trade war escalates
PreviousChina will retaliate with tariffs on $75 bn more of US goods and resume auto tariffs
NextExperts task Nigerian govt on technological research to drive infotech, economy

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Africa’s $60bn losses in illicit capital flows due to multinationals’ tax avoidance, says AfDB Adesina
  • Nigeria equities go bearish on selloffs in DangCem, AXA Mansard, UBA
  • Covid-19 vaccine: Nigeria, 54 others to benefit from African Union’s 270m doses
  • Morrison Industries taps Oladejo, business consultant, as MD to drive expansion plans
  • Experts canvass exposing farmers to Agri-Insurance to minimize economic losses in sector

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Egypt begins construction of 252 MW wind farm at Gulf of Suez

Energy October 7, 2020

1
2

Rising debt: We are mindful of our borrowings, FG insists

Frontpage April 22, 2019

3

Government urged to bolster agricultural sector for economic growth

Frontpage August 13, 2018

4

Nigeria’s oil crisis compounded as India’s fuel demand crash by 60%

Energy May 5, 2020

5

Bitcoin cryptocurrency smashes fresh record, now worth more than $4,000

Frontpage August 13, 2017

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.