BUZZ-Oil companies slip further, crude prices head lower after China's tariff announcement

Reuters04-04
BUZZ-Oil companies slip further, crude prices head lower after China's tariff announcement

Updates

** Shares of oil companies fell further in premarket trading following prices of crude

** Brent futures LCOc1 fall 4.7% to $66.83/bbl; U.S. West Texas Intermediate crude futures CLc1 decline 4.8% to $63.71/bbl by 1036 GMT

** Earlier in the session, WTI and Brent both hit lowest since December 2021

** China announced additional tariffs of 34% on U.S. goods, escalating the trade war with President Donald Trump

** Crude also weighed down by hit from Trump's tariffs from Wednesday and output increases announced by the OPEC+ producer group O/R

** Tariffs could lead to slowing down of global economy, which could hit fuel demand world over

** U.S. oil majors Exxon Mobil XOM.N down 3.4%, while Chevron CVX.N falls ~3.2%

** Producers Occidental Petroleum OXY.N down 4.4%, Permian Resources PR.N slips 2.5% while oilfield services company Halliburton HAL.N declines 2.5% and top oilfield co SLB SLB.N down 4.3%

** Europe's oil cos .SXEP down 5.5%, with BP BP.L slipping 5.4% and Shell SHEL.L falling ~5%

(Reporting by Seher Dareen in Bengaluru)

((Seher.Dareen@thomsonreuters.com; If in India call +91 74832 70128;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment