On Monday, WTI Crude prices ended lower by 2.03 percent to close at $53.6 per barrel after the trade tension between the super-power nations amid weak Chinese data continued to weigh on the demand prospects for Crude. Situations between U.S. & China worsened after agreeing to the first phase of a deal to end a prolonged trade war as China stated that they want another round of negotiations before entering in to any deal outlined by the U.S. officials. U.S. Treasury Secretary Steven Mnuchin stated that of the two nations fail to strike a deal by 15th December 2019, an additional round of tariffs might come into effect. Moreover, weak trade data by China pointed towards a persistent weakness in the demand globally as well as domestically. China being the biggest consumer of Crude, slowdown in their economy pushed the prices lower.
Fading optimism over chances of a possible trade deal between U.S. & China might weigh on the demand prospects for Crude and push the prices lower. We expect oil prices to trade sideways, international markets are trading lower by 0.67 percent at $53.23 per barrel.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India’s leading expert on wealth building, has created a strategy which makes it possible… in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.