(Bloomberg) — Oil extended losses as the U.S. and China struggled to make progress in setting a date for fresh trade talks and Hurricane Dorian added to demand worries.

Futures in New York were down 0.5%, following a 2.8% drop on Friday. Trades made in Monday’s session will be booked for settlement on Tuesday because of the U.S. Labor Day holiday. U.S. President Donald Trump tried to soothe financial markets, saying talks with China were making progress, although the date for a visit of Chinese officials to the U.S. capital for further discussions has yet to be set, according to people familiar with the discussions.

While Dorian, which reached category 5 strength over the weekend, probably won’t affect production and refining, it will damp demand for gasoline and diesel. The storm’s forecast path remains uncertain although it’s expected to move “dangerously close” to the Florida shoreline later Monday or earlier Tuesday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

READ  Oil Posts First Loss of the Year as Market Awaits Iran Response



Please enter your comment!
Please enter your name here