Traders say prices have been under pressure because stalling trade talks between the US and China will weigh on global economic growth and dent fuel consumption
A massive drilling derrick is pictured on BP’s Thunder Horse Oil Platform in the Gulf of Mexico. Picture: REUTERS/JESSICA RESNICK-AULT
Talks between the world’s two biggest economies hit a wall at the weekend, when US President Donald Trump announced a raft of new import tariffs on Chinese goods. Iran has threatened “reciprocal actions” against US sanctions, which could mean restarting some of its nuclear programme. Goldman Sachs said on Tuesday that “the recent Brent pull-back has taken prices too low in the face of tight fundamentals and growing supply risks, just as refiners come back from extended spring turnarounds”.
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