Oil Prices Are Retreating From Fears Of A Global Economic Slowdown

 

Oil futures traded in the red zone on Tuesday amid fears that a slowdown in the global economy could affect demand for the commodity. Investors' fears were compounded by China's latest car sales report, which showed car sales in the world's second largest decline for the seventh straight month.

 Trump announces next round of China trade talks

The White House has confirmed that the next round of US-China trade negotiations will begin on Tuesday in Washington. Chinese President Xi Jinping announced the talks last week and acknowledged the progress made even if the two sides did not reach an agreement.

"President Donald H. Trump announced today that the United States would welcome an official delegation from China to hold a series of meetings starting on February 19, 2019, to discuss the trade relationship between the two countries," White House press secretary Sarah Huckabee said. Sanders. Meanwhile, Chinese media reported that Vice Premier Liu has accepted the invitation to participate in the negotiations and will visit Washington on February 21 and 22.

The losses were partly compensated by the implementation of production cuts by the Organization of the Petroleum Exporting Countries, in addition to the hope that the United States and China could reach an agreement to end their trade dispute with the parties concerned continue negotiations in Washington later in the day.

Oil futures trading

  • The Brent index of global delivery in April fell 0.17% to trade against 66.39 dollars a barrel at 7:13 am CET
  • West Texas Intermediate crude futures for March delivery fell 0.34% to $ 55.87 a barrel at 7:06 am.

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