Afshin Sazegar | Oil prices are turning into the loss zone

Afshin Sazegar | Oil prices are turning into the loss zone

Afshin Sazegar | Oil prices fell slightly on Tuesday. After they were able to continue in the morning to the previous day's price gains, they turned midday trading into the loss zone. A barrel (159 liters) of the North Sea Brent costs around noon 58.15 US dollars. That was 20 cents less than the day before. The price of a barrel of the American West Texas Intermediate (WTI) fell 28 cents to $ 52.47.

Market observers pointed to a generally gloomy mood on the financial markets, which did not stop at the oil market. Fears of a chaotic Brexit without an agreement to regulate Britain's exit from the European Union have increased. According to recent media reports, the British government no longer believes in the success of talks on a withdrawal agreement.

By the morning, hopes for progress on upcoming US-China trade talks had boosted oil prices. At times, US oil prices had risen to just over $ 54 on Monday.

However, shortly before the talks scheduled for the end of the week, the US government has announced new measures against numerous Chinese government and trade organizations. The accusation of repression of a religious minority blacklisted them. China has already responded to the US push and reserved possible countermeasures.

The trade conflict between the world's two largest economies has been a key determinant of crude oil trade for months. The slowing global economy is causing weaker demand in the world market.

Afshin Sazegar


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