US-China trade war has dampen­ed prospe­cts for global econom­ic growth and oil demand­LONDON: Oil prices steadied on Monday as tensions over Iran’s nuclear programme were tempered by global economic growth concerns and consequently oil demand. However, oil prices continue to be pressured by lingering fears over demand. The US-China trade war has dampened prospects for global economic growth and oil demand. Elsewhere, Japan’s core machinery orders fell for the first time in four months in May, posting the biggest monthly drop in eight months in a worrying sign that global trade tensions are taking a toll on corporate investment. “Concern for global growth is at the back of the mind of the whole market all the time these days,” SEB’s Schieldrop said.

Source: The Express Tribune July 08, 2019 11:48 UTC