The trade war is reflected on international markets, while oil prices rose, on Monday, continued losses from last week, when crude went down to its lowest level this year, as a result of fears that the Sino-US trade war could cause a large-scale economic slowdown, Although reductions in supply led by OPEC provided some support for prices.
The futures of western Texas crude were registered by the U.S. mediator at 58.24 dollars a barrel, down 39 cents, or 0.7 percent from the last settlement. The contract for the world's most likely global measurement crude was 68.58 dollars per barrel, a decline of 11 cents, or 0.2 per cent from the last closure.
Last week, crude prices reached the biggest drop this year amid fears that the US-China trade dispute could accelerate the global economic slowdown.
China's automobile sales, one of the most important factors in the growth of world oil demand, will reach about 28.1 million units this year without changing levels in 2018, when the country's automobile market shrank for the first time in more than two decades, the Xinhua news agency reported on Sunday.
Prospects for stable car sales may be highly optimistic, with monthly sales to date falling to 10 consecutive months. A group of producers led by the Organization of Petroleum Exporting Countries (OPEC), known as OPEC, are reducing supplies since the beginning of the year to reduce supply and support prices.
On the other hand, gold has touched the highest level in over a week, Monday, as a result of fears of a long trade war between the United States and China that has harmed morale, while weak U.S. economic data have boosted expectations by lowering the Federal Reserve (US central bank) interest rates.
Gold in instant transactions rose 0.1 percent, to 1286.21 dollars per ounce. Earlier in the session, the gold touched 1287.32 dollars, the highest level since May 17, May.
Gold in U.S. transactions increased 0.2 percent to 1285.60 dollars per ounce. Earlier in the week, US president Donald Trump again complained that the policies of the Reserve Council prevented economic growth from achieving the maximum possible results.
The dollar is struggling against a basket of six major currencies, after it descended from the highest level in two years at the previous session, due to the U.S.-China trade dispute, making gold cheaper for non-US dollar holders.
At the level of other precious metals, silver rose 0.3 per cent to 14.61 dollars per ounce, while palladium descended 0.4 per cent to 1329.90 dollars. Platinum climbed 0.3 percent to 804.50 dollars per ounce.
(Reuters, new Arabic)