Oil Drops as US-China Talks and Fed on Horizon

January 28, 2019 Share Print 0

Oil fell nearly 2 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further, but the price is still on course for its strongest January gain for 14 years.

Further weighing on oil markets, the trade dispute between the United States and China looks unlikely to end anytime soon and its impact on the Chinese economy is increasing.

Brent crude oil futures were down $1.05 at $60.59 a barrel by 1300 GMT, while U.S. futures were down $1.02 at $52.67 a barrel.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.