💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Oil Prices Fall as Trade Talk Optimism Diminish

Published 09/25/2019, 12:49 AM
Updated 09/25/2019, 12:50 AM
© Reuters.
LCO
-
CL
-

Investing.com - Oil prices were down on Wednesday in Asia amid demand concerns as Sino-U.S. trade talk optimism diminished.

U.S. Crude Oil WTI Futures lost 0.6% to $56.95 by 12:50 AM ET (04:50 GMT.) International Brent Oil Futures declined 0.7% to $62.63.

The fall in oil prices came after U.S. President Donald Trump struck a combative tone against China in his address to the U.N. assembly in New York.

“Not only has China declined to adopt promised reforms, it has embraced an economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, technology transfers and the theft of intellectual property and also trade secrets on a grand scale,” the president said.

The president also said he would not accept a "bad deal" in U.S.-China trade negotiations.

His comments came as the two sides prepared for planned trade negotiations in October.

China is the world's largest oil importer and second-largest crude user while the U.S. is the largest consumer.

Also weighing on oil prices today were reports that Iranian President Hassan Rouhani said he was willing “to discuss small changes, additions or amendments to (the) nuclear deal if sanctions were taken away.”

Rouhani was referring to the 2016 nuclear pact that Tehran had agreed with the U.S. and other foreign powers. Trump tore up that agreement last year, calling the initiative by his predecessor Barack Obama, “the worst deal ever” and reimposed sanctions on Tehran.

Trump, who later addressed the assembly, said “no responsible government should subsidize Iran’s bloodlust”, referring to the constant “Death To America” chants by the Islamic Republic.

“As long as Iran’s menacing behavior continues, sanctions will not be lifted,” said the president, who reinstated a U.S. oil embargo on Iran last November.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.