# MARKET WATCH: NYMEX oil prices tumble on US-China relations | Oil & Gas Journal

> 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.

- Date: 2019-08-02 · published 2019-08-02T12:00:00.000Z
- Category: trade · region China · magnitude high
- Page: https://feedsoft.ai/events/8498-market-watch-nymex-oil-prices-tumble-on-us-china-relations-oil-and-gas-journal
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Expectations of weaker Chinese oil demand from tariffs push crude prices lower, while tariff pressure on U.S. exports also weighs on soybeans.

## Read by commodity

- SOY: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2019-08-07 | 5 | -14.1% | -3.3 | Confirms Brent settled near $60.50 after the tariff news, with demand worries outweighing Middle East supply risks. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-05-24 | [MARKET WATCH: Oil prices tumble after US-China news \| Oil & Gas Journal](https://feedsoft.ai/events/9796-market-watch-oil-prices-tumble-after-us-china-news-oil-and-gas-journal.md) | -2.1% | -1.6% |
| WTI | 2018-04-03 | [MARKET WATCH: NYMEX, Brent crude prices drop on US-China trade tensions \| Oil & Gas Journal](https://feedsoft.ai/events/10844-market-watch-nymex-brent-crude-prices-drop-on-us-china-trade-tensions-oil-and.md) | +0.6% | +8.8% |
| WTI | 2019-06-07 | [Fuels Market Watch Weekly, June 7th Edition - Crude, Gas, Diesel Forward Prices](https://feedsoft.ai/events/10750-fuels-market-watch-weekly-june-7th-edition-crude-gas-diesel-forward-prices.md) | -0.5% | +8.8% |
| WTI | 2019-05-31 | [Oil Prices Slide on Trade Tensions and China Fears](https://feedsoft.ai/events/9884-oil-prices-slide-on-trade-tensions-and-china-fears.md) | -6.9% | +4.9% |
| WTI | 2019-08-05 | [Oil resumes steep drop as U.S.-China trade row raises demand worries - MarketWatch](https://feedsoft.ai/events/12578-oil-resumes-steep-drop-as-u-s-china-trade-row-raises-demand-worries-marketwatch.md) | -2.2% | -1.1% |
| BRENT | 2019-05-24 | [MARKET WATCH: Oil prices tumble after US-China news \| Oil & Gas Journal](https://feedsoft.ai/events/9796-market-watch-oil-prices-tumble-after-us-china-news-oil-and-gas-journal.md) | -3.6% | -3.6% |
| BRENT | 2018-04-03 | [MARKET WATCH: NYMEX, Brent crude prices drop on US-China trade tensions \| Oil & Gas Journal](https://feedsoft.ai/events/10844-market-watch-nymex-brent-crude-prices-drop-on-us-china-trade-tensions-oil-and.md) | +0.1% | +10.6% |
| BRENT | 2019-05-31 | [Oil Prices Slide on Trade Tensions and China Fears](https://feedsoft.ai/events/9884-oil-prices-slide-on-trade-tensions-and-china-fears.md) | -8.8% | -2.2% |

## Sources

- ogj.com: https://www.ogj.com/general-interest/economics-markets/article/14037547/market-watch-nymex-oil-prices-tumble-on-us-china-relations

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.