Oil Drops Further as Trade War Impact Weakens Sentiment
Oil prices extend their losses in early trade on signs that the global trade war is weighing on economic growth and demand prospects. Brent crude falls 1.4% to $62.34 a barrel, while WTI is down 1.7% to $59.42 a barrel. Both contracts are down more than 14% on the month. China's export orders plunged in April and manufacturing activity was the weakest in more than a year, while the latest U.S. data showed consumer confidence slid further on growing concerns over tariffs. "There are also concerns that recent strength in U.S. economic data was only temporary, due to stockpiling ahead of the tariffs that now appears to be abating," ANZ analysts say. Meanwhile, U.S. crude oil stockpiles rose by 3.8 million barrels last week, according to reports citing figures from the American Petroleum Institute ahead of official EIA data. ------------------------------------------------------------------
The longer the US administration can keep this going...........
WDS Price at posting:
$20.74 Sentiment: Buy Disclosure: Held
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