Chinese Tariffs on LNG, Oil May Threaten US Energy Dominance
China's targeting of U.S. liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing U.S. energy export prowess.China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest U.S. crude oil buyer, Sinopec, suspended U.S. crude oil imports due to the dispute, according to three sources familiar with the situation.On Friday, China announced retaliatory tariffs on $60 billion worth of U.S.
Oil Ends Higher in Choppy Trade ahead of Britain's EU Vote
Oil prices closed 2 percent higher after a volatile session on Thursday, with investors less worried about prospects for the global economy after the last pre-vote opinion polls showed Britain was likely to remain in the European Union. Oil prices were also supported by market intelligence firm Genscape's report of a drawdown of nearly 1 million barrels at the Cushing, Oklahoma storage base for U.S. crude futures during the week to June 21, traders who saw the data said. Brent crude settled up $1.03, or 2.1 percent, at $50.91 a barrel. U.S. crude settled at $50.11 a barrel, up 98 cents. Both contracts shot up in the last few minutes of trading. Commodities and other financial markets have been on tenterhooks ahead of Britain's referendum on EU membership.
Brent Edges Up off Six-Month Low
Chinese exports tumble 8.3 pct, biggest fall in 4 months; Chinese crude oil imports up 4.1 pct in July. OPEC has no plans to hold emergency meeting. Crude oil futures touched multi-month lows on Monday after a weekend of mixed data from China showing higher oil imports in July but weaker trade figures overall. Brent then edged up 24 cents to $48.85 a barrel at 1105 GMT, after dipping to $48.24 earlier in the session, the lowest in over six months. U.S. crude was down 2 cents at $43.85 after hitting an intraday low of $43.35 in Asian trading. Both benchmarks have been falling for six weeks, hampered by a supply glut. "The market remains in a battle between the bearish current fundamentals and the perception that the market will begin to rebalance in the not too distant future…
