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Oil prices on Tuesday after sharp gains in the previous session

2019-08-20 11:36 am | Resource: News | No Views : 37

 Oil prices on Tuesday after sharp gains in the previous session

Oil prices stabilized on Tuesday after sharp gains in the previous session after a weekend attack by Yemeni separatists on a Saudi oil facility. Oil prices are still supported by talk of more stimulus from central banks and signs of a possible meltdown in the ongoing trade war between the world's two largest economies. Especially after a report showed that China's economic outlook worsens in August

The German Center for European Economic Research said on Tuesday that its latest survey showed that the outlook for the Chinese economy has worsened amid its trade tensions with the United States. The Chinese Economy Board Index (CEP), reflecting the country's macroeconomic development next year, stood at 4.9 points in August, down 4.8 points from the July figure of 0.1.

Zarif: No renegotiation of a nuclear deal with the United States

Meanwhile, Foreign Minister Mohammad Javad Zarif said in Sweden on Tuesday that Iran was not ready to renegotiate the Joint Comprehensive Plan of Action, also known as Iran's nuclear deal, with the United States.

Zarif added that the US dollar is losing importance because Russia and China are trying to avoid the dollar in mutual transactions. He also pointed out that INSTEX could be a problem for Europe later, especially if its trade relations with China face sanctions at some point because of trade tensions between the United States and China.

Speaking during his Scandinavian tour, Zarif also revealed that he would use his time in Europe to meet French President Emmanuel Macron in Paris on Friday. He has already visited Finland and will also visit Norway this week. After the European trip, the Iranian minister is scheduled to travel to China and Japan.

Oil prices trading
  • Brent crude traded at $ 59.74 a barrel, after rising about 1.9 percent on Monday.
  • US crude oil futures rose slightly to $ 56.16 a barrel, after rising 2.4 percent the previous day.


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