TRUMP TARIFF THREAT PUSHES OIL TO FIVE-MONTH LOW
https://media.zenfs.com/en/reuters.com/dd87f37ed0a87df228cb6f986e39f150
✍️ Brent and US crude futures fell over 3% on Friday due to President Trump's threat to impose increased tariffs on China, casting a shadow over the demand outlook in an oversupplied market.
👉 Brent crude futures settled at $62.73 a barrel, down $2.49, or 3.82%, the lowest since May 7. 👉 U.S. West Texas Intermediate crude finished at $58.90 a barrel, down $2.61, or 4.24%, the lowest since early May. 👉 Trump threatened to impose increased tariffs on Chinese goods, citing China's plans to hold the global economy hostage. 👉 OPEC proceeds with the unwinding of production cuts, easing some oversupply concerns. 👉 Markets' expectations for a sharp ramp-up in crude supply have not manifested themselves in substantially lower prices.
-- #ErwinSeba #GiovanniStaunovo #AndrewLipow #DonaldTrump #XiJinping #DanielHynes #Houston #China #SouthKorea #Gaza #Yemen #Israel #business
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