Oil prices fall as Cohn departure raises trade war fears
Commodity Alert : Oil prices fall as Cohn departure raises trade war fears
Oil prices pulled down by weaker share markets after a key advocate for free trade in the U.S. government resigned, triggering concerns that Washington would go ahead with import tariffs and risk a trade war. oaring U.S. crude oil production and rising inventories were also weighing on crude prices, traders said. Gary Cohn, economic adviser to U.S. President Donald Trump, seen as a bulwark against protectionist forces within the government. Official data by the U.S. Energy Information Administration (EIA) is due today evening. Overall, oil supplies are ample despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to withhold output to prop up prices.
Source : Investing