Oil prices fall after US expands China blacklist

Oil prices fell as the US announced the blacklisting of more Chinese firms. (File photo: Reuters)

Oil prices fell on Tuesday as the US announced the blacklisting of more Chinese firms, dampening expectations for a trade deal between the world's two largest economies.

Brent crude fell nearly 1 percent to $57.79 a barrel, while US crude prices dropped 1.1 percent to $52.18 a barrel.

On Monday, the US government said the blacklist would include some of China’s top artificial intelligence startups, ahead of trade-talks in Washington later this week.

Meanwhile, Saudi Arabia’s Council of Ministers, chaired by King Salman bin Abdulaziz al-Saud, reaffirmed on Tuesday the Kingdom’s readiness to meet global oil needs.

Oil futures rose in early morning trading due to unrest in Iraq, OPEC’s second-largest producer, and Ecuador.
 

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Last Update: 13:44 KSA 16:44 - GMT 13:44
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