Oil falls as worries on U.S.-China trade negotiations build
LONDON - Oil prices fell on Tuesday as Washington’s blacklisting of more Chinese companies dampened hopes for a trade deal between the two countries, though unrest in Iraq and Ecuador lent some support to crude prices.
“The market’s focus remains on trade tensions and oil demand concerns, ignoring the elevated geopolitical tensions in the Middle East and lower OPEC production in September. Growing recession risks have capped the upside of oil prices,” UBS oil analyst Giovanni Staunovo said. In the United States, crude inventories are expected to have grown for a fourth week while distillates and gasoline stocks likely fell, a Reuters poll showed on Monday. [EIA/S]
“Unrest in Iraq gained a high profile at the start of October as a result of large protests in Baghdad,” RBC analyst Al Stanton said.
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