Energy Preview: Crude Sees Choppy Moves, Sentiments Weak

WTI Crude oil futures saw further losses amid weak global equities as worries over an impending trade war between China and US hurt the sentiments. Crude prices have witnessed heavy correction after breaking under the key $ 70 per barrel as a slide from four year highs has been extended following the correction in equities and worries posed by rising US crude oil output. The commodity is currently trading at $ 65.10 per barrel, down 0.80% on the day. MCX Crude oil futures also eased near Rs 4400 levels.

Global markets fell after US planned tariffs on $ 50 billion worth of Chinese imports. As China prepared to retaliate against this, US President Donald Trump asked US trade representative Robert Lighthizer Monday to identify $ 200 billion more in Chinese products that could be subject to tariffs of 10%, according to media reports. This hurt the sentiments in global equities further today. Stocks in China and Hong Kong plummeted 3.80% and 2.80% respectively while Japanese equities fell 1.80%. US and European stocks suffered similar moves.