US Oil Slumps On China’s Import Duty Threats

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1. US Oil Slumps On China’s Import Duty Threats
U.S. oil prices slumped on Monday morning with Crude Oil WTI taking a 2% decrease blow, after China threatened duties on American crude imports in a trade dispute with Washington. China’s retaliation import duties come as a response to U.S. President Donald Trump’s move on Friday to push ahead with tariffs on $50 billion of Chinese imports, starting July 6. China threatened duties on American crude imports in an escalating trade dispute with Washington, causing WTI (USOIL) to last trade 2% lower, at $63.84 as of 7:00 GMT.*

2. Tesla Jumps On a Tweet?
Apparently, a single tweet by Tesla CEO Elon Musk is all it takes for the automotive giant stock to recover by 0.1 percent and finish the week at $358.17. Musk tweeted a picture of the company’s first dual-motor Model 3 late coming off the line on Friday, commenting: “Amazing work by Tesla team. Built entire new general assembly line in 3 weeks with minimal resources.” Meanwhile, CNBC reported that Musk has called for “radical improvements” in the manufacturing of Model 3s in the next two weeks, adding that the company needs to achieve a production of 700+ cars per week. TSLA is expected to open higher at the NY session opening bell.”**

3. Gold Prices Higher On Trade War Concerns
Gold prices inched higher in early Monday trading after falling to a 5 and a half month low in the previous session, as a trade dispute between the China and the U.S. triggered safe-haven buying. Specifically, spot gold (XAUUSD) added 0.25 percent to trade at $1,281.80 per ounce by 7:00 GMT after it touched its weakest since late-December at $1,275.01 an ounce on Friday. U.S. President Donald Trump decided to push with hefty tariffs on $50 billion of Chinese imports on Friday, causing China to threaten to retaliate with duties on US oil imports.***

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*Source: CNBC June 18

**Source: Seeking Alpha Jun. 17, 12:17 AM ET

***Source: CNBC June 18

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