Oil Falls as Hurricane Dorian, Trade Wars Stoke Demand Fears
- U.S. tariffs on $110 billion of Chinese goods kicked in Sunday
- Dorian seen damping demand for U.S. gasoline, diesel
A pumpjack at dusk in the Permian Basin near Midland, Texas.
Photographer: Bloomberg
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Oil fell as demand concerns weighed on the market with Hurricane Dorian taunting the U.S. East Coast this week, and the U.S.-China trade war unresolved.
Futures were 0.6% lower at the halt of trading in New York Monday after sinking as much as 1.4% in New York. While Dorian, which reached category 5 strength over the weekend, probably won’t affect U.S. crude production and refining, it will dampen demand for gasoline and diesel.