LATEST CRUDE OIL UPDATE BY – MCX PROFIT HUB

Oil extends losses after Trump’s comments douse trade talk optimism

Oil prices fell for a second day on Wednesday on worries about falling fuel demand after U.S. President Donald Trump’s comments doused optimism over China-U.S. trade talks and reignited concerns on global economic growth.

Both prices have fallen to their lowest since before the attack on Saudi Arabian oil facilities on Sept. 14.

“What really pulled the rug from underneath oil was Donald Trump’s comments on trade last night…. He’s still maintaining quite a belligerent position,” said Jeffrey Halley, senior market analyst for Asia Pacific at OANDA.

Trump criticized China’s trade practices at the United National General Assembly on Tuesday and said he would not accept a “bad deal” in U.S.-China trade negotiations.

China is the world’s largest oil importer and second-largest crude user while the United States is the largest consumer.

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