Oil Extends Slide as Trade War, Hurricane Dorian Hit Confidence
Bloomberg
Published Sep 02, 2019 23:33
Updated Sep 03, 2019 06:35
Oil Extends Slide as Trade War, Hurricane Dorian Hit Confidence
(Bloomberg) -- Oil extended losses as the U.S. and China struggled to make progress in setting a date for fresh trade talks and Hurricane Dorian added to demand worries.
Futures in New York were down 0.5%, following a 2.8% drop on Friday. Trades made in Monday’s session will be booked for settlement on Tuesday because of the U.S. Labor Day holiday. U.S. President Donald Trump tried to soothe financial markets, saying talks with China were making progress, although the date for a visit of Chinese officials to the U.S. capital for further discussions has yet to be set, according to people familiar with the discussions.
While Dorian, which reached category 5 strength over the weekend, probably won’t affect U.S. crude production and refining, it will damp demand for gasoline and diesel. The storm’s forecast path remains uncertain although it’s expected to move “dangerously close” to the Florida shoreline later Monday or earlier Tuesday.
Get The App
Written By: Bloomberg
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.