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U.S. equities closed sharply lower on Tuesday, extending a pre-Thanksgiving rout that started as weakness in technology and internet-related companies but has now spread to the broader market. Last night, weak results and downbeat forecasts from several retailers including Target and Kohl's fanned worries about holiday-season sales, adding to the selling pressure. Meanwhile, the Trump administration said on Tuesday said that China has failed to alter its "unfair" practices at the heart of the U.S.-China trade dispute. The findings were issued in an update of the U.S. Trade Representative's "Section 301" investigation into China's intellectual property policies, which triggered U.S. tariffs on $50 billion worth of Chinese imports that have since ballooned to $250 billion.
Oil markets are entering an unprecedented period of uncertainty due to geopolitical instability and a fragile global economy, the head of the International Energy Agency Fatih Birol said on Tuesday. Although the U.S. waivers for Iran’s key oil customers were a relief to the oil market, it "took some of the players in the market by surprise … As a result, what we see today is that markets are well supplied and the (oil) price went down by $20," Birol told reporters at a conference. He warned that "the global economy is still going through a very difficult time and is very fragile and ... we have very thin production capacity left in the world, in a world which is becoming more dangerous." OPEC and its de-facto leader Saudi Arabia have already started to hint that a new production cut may be in the works.
Iraq’s oil exports from the Kirkuk oil province could reach up to 400,000 bpd, higher than the 300,000-bpd exported before the halt last year, a Kurdish politician told Sputnik on Tuesday after exports resumed last week. This development could add more oil to the market at a time when participants fear an oversupply and OPEC considers new production cuts.
To present the direction and trend of world oil prices.
To prepare for the future of energy
Reduce the impact of oil prices on the cost of living