Oil prices dipped on Tuesday on concerns that a prolonged trade war between Washington and Beijing could lead to a global economic slowdown. But the losses were checked by escalating U.S.-Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year.
Brent crude futures, the international benchmark for oil prices, were at $72.25 per barrel, up 0.39% from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 0.39% at $63.41 per barrel.
U.S. President Donald Trump on Monday threatened Iran with "great force" if it attacked U.S. interests in the Middle East. This came after a rocket attack in Iraq's capital Baghdad, which Washington suspects to have been organised by militia with ties to Iran.
Iran said on Tuesday that it would resist U.S. pressure, declining further talks under current circumstances. The tension comes amid an already tight market as the OPEC, Russia and other producers have been withholding supply since the start of the year to prop up prices.
Price gains were constrained by pressure on financial markets, which have this week been weighed down by worries that the United States and China are digging in for a long, costly trade war that could result in a broad global slowdown.
20 Sep 2019 12:24 PM
The dollar drifted lower on Friday after central bank of Japan refrained from following the Federal Reserve in cutting rates, and risk appetites ebbed on caution about U.S-China trade talks.
20 Sep 2019 11:57 AM
Indian equity benchmarks traded higher after the government rolled out stimulus measures on Friday to support the economy, by reducing tax burden on corporates.
20 Sep 2019 11:48 AM
China's yuan firmed on Friday as the central bank delivered a less aggressive cut in its lending benchmark than its U.S. counterpart had this week and amid signs Beijing is keen to keep the currency stable during key trade talks in Washington.
20 Sep 2019 11:40 AM
Gold prices edged higher on Friday and were set for their first weekly gain in one month, supported by a softer dollar and caution about developments in Sino-U.S. trade talks.
20 Sep 2019 11:30 AM
India will lower the corporate tax rate for domestic companies and new local manufacturing firms, Finance Minister Nirmala Sitharaman said today.
20 Sep 2019 09:57 AM
USD/INR opens lower tracking dollar’s decline against most Asian currencies. Pair now at 71.12 against 71.32 previous close. Asian currencies advance after