Oil is cheaper because of the tension between the US and China
LONDON, may 22 (Reuters) – oil Prices continued to decline on Friday, as Brent crude approached $34 per barrel amid escalating tensions between the US and China, and doubt around the recovery in demand due to the coronavirus crisis.
The US President Donald trump said that Washington “very much” react to a national security law in Hong Kong which plans to take Beijing.
Futures on Brent crude fell by 3.69% to $34,7 per barrel by 15:05 GMT, WTI – slowed down 4.19% to USD 32.5 per barrel.
“Investors again have to fight against increasing verbal war between the US and China,” said Stephen Brennok of brokerage PVM.
“The coronavirus has wiped out a decade of growth in world oil demand, and the recovery will be slow”.
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(Alex Lawler, with the participation of Aaron Sheldrick, translated by Olga Deviatiarov. Editor Marina Bobrova)