Oil markets muted as U.S.-China trade war remains unresolved
Oil markets were steady on Friday as the unresolved trade dispute between Washington and Beijing muted activity.
Brent crude oil futures
U.S. West Texas Intermediate (WTI) crude futures
Assembly Election 2023 Results Update: MPs who win assembly polls have to quit one seat in 14 days, says Expert
Telangana Election Result 2023: Congress wins from Jukkal and Medak, BRS nets Quthbullapur constituency
BJP's saffron storms Congress away in MP, Rajasthan and Chhattisgarh; Congress upstages BRS in Telangana
Assembly Election 2023 Results Update: PM Modi congratulates voters for Assembly wins in MP, Chhattisgarh, Rajasthan
Mizoram Election Results 2023 Live Updates: MNF, ZPM locked in close fight; counting of votes to begin at 8 am on Monday
Both oil benchmarks saw low liquidity during early trading on Friday.
U.S. and Chinese officials ended two days of talks on Thursday with no major breakthrough as the trade war between the world`s two biggest economies escalated with activation of another round of duelling tariffs on $16 billion worth of each country`s goods.
"Investors are likely to feel nervous as the two countries vow to step up the pressure," ANZ bank said on Friday.
While the trade conflict between Washington and Beijing darkens the economic outlook, the supply versus demand outlook for oil markets remains relatively tight especially because of the looming U.S. sanctions against Iran, which will target oil exports.
Iran is the third-biggest producer within the Organization of the Petroleum Exporting Countries (OPEC) and the nation exports around 2 million barrels per day of crude, equivalent to around 2 percent of global consumption.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)