Crude trades lower, US-China tensions in focus

Monday, 01. June 2020 17:58

Crude benchmarks traded lower on Monday as investors keep watch over tensions between China and the United States.

Last week, US President Donald Trump announced that he is ending Hong Kong's special privileges with his country as Beijing moves to impose a new national security law for the city. The Chinese government vowed to respond to Trump's action. Last week also saw unexpected builds in US crude inventories.

West Texas Intermediate for July settlement was down 2.22% to $34.71 per barrel at 11:40 am ET. At the same time, global benchmark Brent for August lost 0.58% to $37.62 a barrel.

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Breaking the News / JC