Good news! Global oil prices ease as trade row clouds demand outlook

Global oil prices eased in early Asian trading on Monday on concerns that the United States is poised to impose additional tariffs on China, outweighing supply fears from upcoming sanctions on Iran.

Brent crude oil futures dipped 16 cents, or 0.2 percent to $77.93 a barrel by 0035 GMT.

U.S. West Texas Intermediate (WTI) futures fell 20 cents or 0.3 percent, to $68.79 a barrel. 

TRENDING NOW

BCL Industries’s subsidiary wins Rs 228 crore order for supply of Ethanol from state-run BPCL, HPCL, Indian Oil

Power of Compounding: When one-year interest becomes more than 31 years of investment

Animal OTT Release Confirmed: Ranbir Kapoor, Bobby Deol starrer OTT release details out

SBI, Power Grid, NTPC, Indraprastha Medical, Force Motors: Stocks to watch on Wednesday

DU doubles components of annual charges second time in a year following HEFA loans delhi univsersity

Cyclone Michaung: Chennai floods disrupt business operations; Infosys, HCL Tech, Foxconn, MRF affected

Coal industry index grows to 18.4% in October

Waaree Energies to supply 200 MW solar PV modules to IRCON Renewable Power

English Premier League sells domestic TV rights for record $8.45 billion for next cycle

Dividend stocks: From Coal India to Vedanta, here are 5 large-cap stocks with high dividend yields

SME cos listed on NSE Emerge platform hit Rs 1 lakh crore m-cap

Cyclone hits air services in Vizag, 23 flights cancelled

How to get iPhone 15 under Rs 40,000 in limited-period exchange deal?

Public Provident Fund (PPF): How Rs 1000 will become Rs 5.16 lakh in PPF investment

Bike-taxi startup Rapido enters cab biz with intra-city mobility solution

"The market`s expectation of shortages has cooled after data from last week showed increases in supplies, while investors have lowered the outlook for oil demand," said Wang Xiao, head of crude research with Guotai Junan Futures. 

U.S. President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday, a senior administration official told Reuters on Saturday.

The escalating trade row is raising concerns about the potential for slower growth in oil consumption, offsetting supply concerns stemming from upcoming U.S. sanctions on Iran over its nuclear programme.

Refiners in India, Iran`s second largest crude buyer will cut their monthly crude loadings from Iran for September and October by nearly half from earlier this year.

Watch Zee Business video here:

Also weighing on oil prices, U.S. drillers added two oil rigs in the week to Dec. 1, bringing the total count up to 749, the highest since September, General Electric Co`s Baker Hughes energy services firm said in its closely followed report on Friday.