Crude Oil Prices Turn Negative on US-China Tensions, Corona Cases

London: Oil prices slipped on Friday, shrugging off a weaker US dollar, as tensions between the United States and China rose against a backdrop of rising coronavirus cases. Brent crude fell 25 cents to $43.06 a barrel by 0713 GMT, and US West Texas Intermediate (WTI) crude eased 28 cents to $40.79.

China ordered the United States to close its consulate in the city of Chengdu on Friday, responding to a US demand this week that China close its Houston consulate, as relations between the world’s two largest economies deteriorate. The dollar slid to 22-month lows against a basket of currencies. A weaker dollar usually spurs buying of commodities priced in the greenback, like oil, because they become cheaper for holders of other currencies…

View entirety: Economic Times