Concern over the escalating US-China trade war caps gains
Tokyo/Singapore — Oil prices rose on Thursday after a bigger-than-expected decline in US crude inventories, though concerns that the US-China trade war will trigger an economic downturn kept a lid on gains.
Iran’s crude exports in May fell to less than half of April levels at around 400,000 barrels per day , tanker data showed and two industry sources said, after the US tightened sanctions on Tehran’s main source of income. Preventing prices from rising further are concerns that the trade dispute between the US and China will trigger a global economic downturn and a slowdown in fuel consumption.
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