West Texas Intermediate (WTI), the US crude oil benchmark, was trading around $68.00 on Tuesday (11/12). WTI prices moved lower amid concerns that the Trump administration will trigger a tariff-led trade war and concerns about demand growth in China.
Donald Trump's victory in the US presidential election may continue to affect WTI prices. Trump has announced his intention to impose blanket tariffs ranging from 10% to 20% on all imports and additional tariffs on up to 60% of products imported from China. A renewed trade war with China is also likely to hurt economic growth in China, delaying the recovery in crude oil demand.
A stronger greenback contributed to the decline in WTI. Meanwhile, the US Dollar Index (DXY), a measure of the USD's value relative to a basket of foreign currencies, rose to a fresh four-month peak around 105.70. This makes USD-denominated oil more expensive. However, profit-taking in the greenback may limit the black gold's decline for the time being. Beijing's latest stimulus package, announced on Friday, fell short of market expectations.
Also, data released over the weekend showed that China's consumer prices rose at the slowest pace in four months in October while producer price deflation deepened, raising concerns about demand growth in the world's second-largest oil consumer.
Source: FXStreet
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