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Oil continued its downward trajectory on Monday afternoon, with the stock market briefly reversing losses after CNBC reported the White House was considering a 90-day pause in tariffs for everyone except China. Oil prices barely got to respond before the White House walked the report back as “fake news”.
On Monday at 11:12 a.m. ET, Brent crude was trading down another 1.17%, sitting at $64.81, while the U.S. crude benchmark West Texas Intermediate (WTI) was trading down 1.18% at $61.26.
??U.S. stock markets opened sharply lower on Monday, marking the third consecutive session of significant losses.
The trade dispute has so far led to a freeze in global trade and investment, leaving markets in a state of massive uncertainty. U.S. stocks opened significantly lower on Monday, for the third trading session in a row, with Asian markets also experiencing a severe drop.
Oil prices have been shaken amid fears of an economic downturn as markets plunge. Monday prices plunged further, driven by Saudi Arabia’s move to cut the official selling prices for its oil ahead of next month’s planned output increase. The sharpest cut was made for the price of oil sold in Asia, with flagship Arab Light set to be $2.30 per barrel cheaper in May, at a premium of $1.20 per barrel over the Dubai/Oman benchmark.
Oil was already reeling from last week’s market surprise when OPEC+ said it would boost production by three times the originally planned amount of 135,000 bpd in May.
Crude oil has sacrificed some 14% of its value since the tariff announcements, most of which analysts are blaming on fears of a global demand bust driven by reduced trade flows among the world’s biggest economies.
By Charles Kennedy for Oilprice.com
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The post Markets, Oil Losing Again After Tariff Postponement ‘Fake News’ appeared first on Energy News Beat.
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