22.3 C
New York
Tuesday, June 6, 2023

Oil Prices Slump As Investors Watch OPEC, U.S.-China Trade Conflict

Oil Prices Slump As Investors Watch OPEC, U.S.-China Trade Conflict© Reuters. Oil prices slump

Investing.com – Oil prices declined on Tuesday, as energy investors weighed potential outcomes for a meeting of major crude producers later this week, while keeping on eye on the latest developments in the ongoing U.S.-China trade conflict.

August , the global benchmark, was down 59 cents, or around 0.8%, to $74.75 a barrel on the ICE Futures Europe exchange at 4:10AM ET (0810GMT).

Elsewhere, U.S. benchmark oil, August lost 53 cents, or 0.8%, to $65.16 a barrel on the New York Mercantile Exchange.

, recouping earlier losses on the back of reports that the Organization of the Petroleum Exporting Countries’ (OPEC) along with Russia were discussing a smaller-than-expected increase in production.

According to people briefed on the talks, OPEC will discuss an oil output hike of 300,000 to 600,000 barrels per day (bpd) at this week’s meeting, as it seeks to bridge the gap between Russia’s push for a big rise and Iran’s insistence that no change is needed.

Last month, it was reported that OPEC and Russia were aiming to boost output by at least 1 million bpd at the June meeting.

Oil ministers from OPEC, Russia and other major producing countries will meet in Vienna on Thursday and Friday to review their current production agreement that has held back 1.8 million bpd from the market for the past 18 months.

Meanwhile, , prompting a swift warning from Beijing of retaliation, as the trade conflict between the world’s two biggest economies quickly escalated.

The news sent global stock markets skidding and dampened appetite for risk-sensitive assets.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles