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NYMEX light sweet crude for September and October delivery fell more than $4 to settle under $55 a barrel after President Trump announced new tariffs on Chinese imports. Brent for October settled at $60.50.
Analysts said trade-related demand concerns outweighed Middle East supply risks, and tariffs were expected to hurt Chinese oil demand.
Expectations of weaker Chinese oil demand from tariffs push crude prices lower, while tariff pressure on U.S. exports also weighs on soybeans.
ogj.comPaula DittrickAug 2, 2019After 80 past bearish trade events, Crude Oil (WTI) moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% over 20.
After 56 past bearish trade events, Crude Oil (Brent) moved a median -5.6% over 5 sessions (20% higher; middle half -9.0% to -1.7%), and -4.5% over 20.
After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Confirms Brent settled near $60.50 after the tariff news, with demand worries outweighing Middle East supply risks.
