China News June 19, 2018
On Monday (June 18), international oil prices continued the decline in the last trading day in the Americas. Prior to the escalation of trade disputes between China and the United States, China threatened to impose tariffs on imports of US crude oil. At the same time, OPEC and Russia’s supply is also expected to increase. The latter may grab market share originally owned by the United States.
As of press release, US crude oil futures tumbled 1.45% to 63.90 US dollars/barrel, refreshed at the lowest position since April 10 to US$63.40 per barrel; Brent crude oil fell 0.45% to US$73.10/barrel, setting a record high in May. The new low since July 2 was $72.45 per barrel. On the previous trading day, the two cities tumbled 4.04% and 3.82%, respectively.
China last Friday (June 15) stated that it will impose tariffs on various U.S. bulk commodities, including oil, in retaliation for the U.S. desire to impose high tariffs on Chinese imports of 50 billion U.S. dollars.
Benjamin Lu of Singapore's Phillip Futures said: “The price of crude oil has collapsed due to tighter US-China trade last week. Beijing has retaliated with the position of the largest importer of crude oil in the United States. These bilateral trade punitive measures make investors feel uneasy because this Damage to global economic growth."
Stephen Innes, head of Asia-Pacific trading of the futures broker OANDA in Singapore, said: “The escalation of the trade war is dangerous for the oil price. Although we are not too optimistic, let us expect that Rico Intelligent will prevail.”
In a report to clients, Morgan Stanley stated that trade disputes mean that “the risk of economic downturn has risen,” but added that “the outcome may still be negotiation and slowing down.”
Eikon's shipping data shows that the recent US crude oil exports to China have soared, rising from only $100 million a month in early 2017 to nearly $1 billion a month.
Russia, Saudi Arabia increase production, or benefit from the United States "death"
When China and the United States were caught in a trade dispute, the oil market was at a critical moment. Due to reports, the major oil-producing countries Saudi Arabia and Russia are likely to increase production, this news has aggravated the international oil price trend.
（http://futures.hexun.com/2018-06-18/193225683.html）
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