Oil Prices Drop on China Retaliation: Resources Premarket
Oil prices fell below $72 a barrel after China announced retaliatory measures against the U.S., wiping out gains made this year. Here’s a look at news that could drive North American resource stocks trading today.
Oil prices erased all of their gains so far this year as the U.S.-China trade war escalated, hurting global growth and energy demand. The first salvo in the latest U.S.-China trade war made it clear that Xi Jinping is taking a more cautious approach than during Donald Trump’s first term.
China has imposed a 15% tariff on liquefied natural gas (LNG) imports from the U.S., disrupting trade flows and setting off a scramble to separate the world’s largest LNG buyer and seller.
Copper rose, supported by a weaker dollar, even as U.S. President Donald Trump imposed a 10% tariff on Chinese goods and Beijing responded with its own measures. Ford’s electric vehicle market is stagnant, with no new models coming in more than two years, and the company is struggling to make its existing electric vehicles more competitive by cutting costs and prices. Gold steadied near a record high after President Donald Trump imposed 10% tariffs on China, boosting demand for the safe-haven asset. Rwandan-backed rebels, the M23, have declared a ceasefire in Democratic Republic of Congo after seizing the commercial hub of Goma and advancing south toward Bukavu, amid international pressure to halt fighting. (Newsmaker)
Source: Bloomberg
