CRUDE OIL NEWS UPDATE BY(www.commoditybazaar.co)

Oil prices slipped on Wednesday in Asia as worries over the escalation in the prolonged Sion-U.S. trade war added to concerns over the demand outlook.U.S.  slipped 0.1% to $53.59 by 1:16 AM ET (05:16 GMT). International also slipped 0.1% to $58.86.The U.S. labelled China as a “currency manipulator” earlier this week. While reports suggested that the labeling is merely symbolic, some analysts said the move could lead to a scaling up of the trade war and harsher impacts on global economic growth.“We shouldn’t underestimate the potential impact of a full-blown trade war between the world’s two biggest economies,” said Bart Melee, head of global commodity strategy at TD Securities, in a Bloomberg report.“This could very well mean we as a market significantly overestimated demand growth for oil and we could easily be in a surplus situation in 2020.”

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