Oil down 2%
China will place 25% tariffs on US oil exports in a move that will shift demand to other benchmarks. WTI is down 2% today with Brent 0.9% lower.
The drop in oil has come in steady waves over the past four hours with WTI now down $1.48 to $67.70.
Weekly US oil inventories are due at the top of the hour. Maintenance shutdowns likely mean production will remain below 11 million barrels per day. However higher exports are likely to mean a draw in crude. The consensus is for a -3000K reading while API data showed it down 6000K.
