Analysts are on edge ahead of a weekly US oil inventory report. FMTNews OilPrice
NEW YORK: Oil prices tumbled yesterday as lingering questions over the US-China trade talks weighed on sentiment on a mixed day for global equity markets.
“The lack of breakthrough or concrete progress on an initial US-China deal continues to create headwinds, particularly after both sides had offered indications that a signed phase one agreement was seemingly imminent only a few weeks earlier,” said a note from Robbie Fraser, senior commodity analyst at Schneider Electric.
At the close, European stocks were mixed after giving up most or all of their earlier gains, while Wall Street finished mostly lower, with the Dow and S&P 500 retreating from records, even as the Nasdaq notched a third straight all-time high.The Dow was weighed down by a more than 5% drop in Home Depot shares as it slashed its full-year sales forecast, saying the payoff from investments in e-commerce and other ventures was taking longer than expected.
“An improvement in home construction would help offset what is likely to be a slowdown in consumption to a more sustainable pace.Earlier, Hong Kong’s main stocks index extended Monday’s rally with another surge but continuing protests in parts of the city – particularly a violent standoff at a university – remained a source of worry.
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