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Crude oil slides as U.S.-China trade dispute escalates

Published 04/04/2018, 08:27 AM
Updated 04/04/2018, 08:27 AM
© Reuters.  Crude oil slides as U.S.-China trade dispute escalates

© Reuters. Crude oil slides as U.S.-China trade dispute escalates

  • Crude oil prices follow global equities lower after China said it would impose tariffs on various U.S. goods, raising the potential for a trade war that could hurt global growth: U.S. WTI -1.5% at $62.55/bbl, Brent -1.3% at $67.22/bbl.
  • “It’s all about the macro picture right now,” said Harry Tchilinguirian, global head of commodity markets strategy at BNP Paribas (PA:BNPP). “There’s a sea of red on the equity screens, and oil, as a risk asset, is falling as well.”
  • The oil price drop comes even as the American Petroleum Institute said yesterday that U.S. crude inventories fell by 3.3M barrels last week.
  • An added concern: The net long position in futures and options on Brent crude tops 600M barrels, according to ICE data, meaning that in the event of a sharper drop in price, sellers may find few buyers.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, UBRT, DBRT, OILD, OILU, USAI
  • Now read: How Tight Is Global Crude Oil Supply?


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