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Oil Drops as US-China Talks and Fed on Horizon

2024-12-25OANDAOANDA
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 […]

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.


West Texas Intermediate graph

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.

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