Oil Prices Rise

Oil Prices RiseOil Prices Rise

Brent crude rose on Tuesday, after earlier falling to its lowest since January, as traders betting on falling prices bought back contracts to lock in profits from recent declines caused by the escalating trade dispute between the US and China.
Brent prices have plunged 7.6% since their close on July 31, the day before US President Donald Trump vowed to impose new tariffs on Chinese imports, causing China to retaliate against agricultural imports from the United States. This responded to a decline in the Chinese yuan on Monday by branding the country a currency manipulator later in the day, CNBC reported.
Brent fell more than 3% on Monday as traders are concerned the ongoing trade dispute between the world’s two biggest oil buyers will dent demand.
Brent crude futures climbed 47 cents, or 0.8%, to $60.28 a barrel after earlier dipping to $59.07, their lowest since Jan. 14.
West Texas Intermediate crude futures rose 47 cents, or 0.9%, to $55.16 per barrel.
The United States accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade. The falling yuan would support Chinese exports by making them cheaper but would raise the cost of oil imports that are priced in dollars. China is the world’s biggest oil importer.

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