SEOUL — Oil prices steadied on Wednesday after falling at the start of the session, with the potential for damage to the global economy and fuel demand from the intensifying Sino-U.S. trade dispute continuing to cast a shadow over the market. International benchmark Brent crude futures LCOc1 were at $58.97 a barrel by 0221 GMT, up 3 cents, or 0.05%, from their previous settlement and trading near seven-month lows. Meanwhile West Texas Intermediate (WTI) crude CLc1 futures were down 8 cents, or 0.15%, from their last close to $53.56 per barrel. “It’s not a huge move…What we’re looking at is steady, reflecting concerns among traders whether or not the trade dispute development is fully priced in,” said Michael McCarthy, chief market strategist at CMC Markets. Brent prices have plunged more than 9% in the past week after U.S. President Donald Trump said he would slap a 10% tariff on a further $300 billion in Chinese imports starting on Sept. 1, sending global equity markets into a tailspin. “Crude oil prices remained under pressure as investors grappled with the impact of the trade conflict,” ANZ bank said in a note. But Trump on Tuesday dismissed fears the trade row with China… Read full this story
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