Wednesday, 26 September 2018
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Oil Holds Biggest Loss in a Year as Trade War Threatens Demand
Thursday, 12 July 2018 08:23 WIB | ENERGY |Minyak WTI

Oil held its biggest loss in a year as U.S. President Donald Trump™s administration doubled down on a trade war with China that threatens economic expansion and crude demand.

Futures in New York were little changed after plunging 5 percent on Thursday. The U.S. plans to slap duties on $200 billion of Chinese imports that are scheduled to take effect after Aug. 30. Fears of escalating tensions between the world™s two biggest economies overshadowed the biggest decline in U.S. crude inventories in almost two years.

West Texas Intermediate crude for August traded at $70.62 a barrel on the New York Mercantile Exchange, up 24 cents at 9:39 a.m. in Tokyo. The contract slumped $3.73 to $70.38 on Wednesday. Total volume traded was about 61 percent below the 100-day average.

Source: Bloomberg

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