0721 GMT – Oil continues last week’s downwards trajectory as investors assess a looming supply glut and a challenging macroeconomic backdrop.Brent crude falls 0.8% to $60.78 a barrel and WTI slides 0.9% to $56.65 a barrel. Assessing the impact of the glut is complicated by the fluctuating trade tensions between the U.S. and China, they write. President Trump on Friday said higher tariffs against China weren’t sustainable and expressed optimism that a solution would be found, they add. Crude futures continue to lose ground following three consecutive weekly declines. “Weak growth projections and the ongoing energy transition across China and the EU are dampening the broader outlook for crude, compounded by U.S.-China tariff tensions. Is the drop aimed at hurting Russian economy due to Ukraine war ?

Previous Article

Trump ends aid to Colombia

Next Article

Amazon AWS Outage