Forex Marketz Daily Forex News – Fully Markets Update
Crude oil futures contracts were on the defensive for a second day in a row during the Asian trade session on Tuesday. Traders are mulling over data suggesting that global economic growth is being negatively affected by the ongoing trade war between the United States and China.
There is also mounting tensions in the Middle East as last week’s attacks, in the Gulf of Oman, on oil tankers that continue to rattle the oil markets.
As of 2:15 am GMT, the international crude oil futures contract, Brent was down. This contract lost 16 cents to trade at $60.78 a barrel. Yesterday, this contract gave up 1.7 percent as trades worried about slowing global economic growth.
U.S. West Texas Intermediate (WTI) crude futures, for front end delivery, also fell. This contract lost 12 cents to trade at $51.92. This contract was down over one percent on Monday.
Crude Oil traders Digest Economic Data and Trade Headlines
Looking at U.S. economic data, the New York Federal Reserve said that its gauge of business growth in New York saw a record fall in June. It is now at its weakest level in better than two years. This is a big contraction in regional business activity.
Business sentiment, in the United States, has weakened thanks to the mounting trade war with China. There are also signs of weakness in the labor sector.
Once again, President Donald Trump has claimed that he and China’s President Xi Jinping could meet at the Group of 20 (G-20) summit in Japan at the end of June. Trump insists that he will meet with Xi. China has not confirmed this will happen.
