empty
 
 

2020.07.1310:42:00UTC+00Oil Prices Dip Amid Virus Surge

Oil prices declined on Monday, with rising tensions between the United States and China and a continued surge in Covid-19 infections in the U.S. weighing on markets.

Traders also await an OPEC technical meeting this week, which could outline plans to begin scaling back the historic output cuts.

Benchmark Brent crude fell 57 cents, or 1.3 percent, to $42.67 a barrel, while U.S. crude futures were down 70 cents, or 1.7 percent, at $39.87 a barrel.

"The relationship with China has been severely damaged. I don't think about it now," U.S. President Donald Trump told reporters on Friday from Air Force One when asked about the second phase trade deal.

The relationship between the two countries has been severely damaged with Beijing's handling of the coronavirus outbreak.

The Chinese government today announced sanctions against US officials, including the Republican senators Marco Rubio and Ted Cruz, in response to Washington's sanctions against senior Chinese officials.

U.S. Covid-19 infections surged over the weekend, with Florida surpassing the 15,000 mark of new cases on Sunday, a record for any state.

OPEC's Joint Ministerial Monitoring Committee will meet on Tuesday and Wednesday to recommend levels for future supply cuts.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback