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US-China Trade War Intensifies | Oil Inches Higher

Published May 13, 2019

• Global equities fell on Monday after China said it would hike tariffs on as much as $60 billion worth of US imports to as high as 25 percent following the collapse of last week’s trade talks in Washington. US stocks plunge 1.7 percent at the open after China announced retaliatory measures.
• WTI oil prices rose and have hit a high of $62.93 on increasing tensions in the Middle East stoke fears about a global supply crunch. Earlier Saudi Arabia commented that two of its oil tankers were sabotaged off the coast of the United Arab Emirates in attacks that caused significant damage to the vessels.
• Atlanta Fed President Raphael Bostic said Friday the central bank might have to cut interest rates if consumer spending suffers as a result of the new round of tariffs placed on Chinese goods overnight.
• The Canadian dollar rose after an upbeat April jobs report on Friday. The economy added 106,500 jobs blowing away forecasts of a 11,700 gain. The Canadian dollar gained sharply and made a low of 1.3376 against the greenback following the announcement.