Oil Slips on U.S.-China Tensions, Rising Virus Cases

Oil prices edged lower on Monday as rising coronavirus cases and tensions between the United States and China pushed investors towards safe-haven assets. Brent crude LCOc1 dipped 20 cents, or 0.5%, to $43.14 a barrel by 1000 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 dropped to $41.15 a barrel, down 14 cents, or 0.4%.

The fall in oil mirrored moves in broader financial markets in Asia amid concerns about escalating tensions between the world’s two biggest economies following the closures of consulates in Houston and Chengdu. Global coronavirus cases, meanwhile, exceeded 16 million. Still, Brent is on track for a fourth straight monthly gain in July and WTI is set to rise for a third month as unprecedented supply cuts from the Organization of the Petroleum Exporting Countries and its allies including Russia propped up prices. Output has also fallen in the United States…

View entirety: Reuters