Oil prices drop amid tension between the United States and China



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Oil prices fell today, Monday, with the increase in cases of coronavirus, while increasing tension between the United States and China prompted investors towards the safe haven assets.

Brent crude futures fell 0.2% to $ 43.26 a barrel by 04:03 GMT, while US West Texas Intermediate was down 0.2% to $ 41.22 a barrel.

The drop comes in light of the escalation of tension between the two largest economies in the world following the closure of two consulates in Houston and the Chinese Chengdu. At the same time, the incidence of coronavirus in the world exceeded the 16 million mark.

Brent remains on track to post its fourth monthly gain in July, while US crude is heading up for the third month in a row, thanks to unprecedented supply cuts from OPEC and its allies that have supported prices.

Source: “Reuters”


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