Oil Prices Dropped on Monday

Oil prices fell on Monday as the new tariffs on both the US and China took effect.

At 04:34 GMT, the US Crude Oil WTI Futures slipped by 0.02% to $55.09 by while the International Brent Oil Futures gained by 0.44% to $58.99.

The US-China trade war intensified during the weekend as the additional tariffs of 15% on certain Chinese goods took effect. Similarly, Chinese tariffs of between 5% to 10% took effect on a range of US goods.

Trade talks between the US and China are expected to happen later in the month.

In late August, China announced a 5% tariff on US crude. It was the first time oil was directly affected by the trade tension between the two nations.

Gold Prices Went Up This Morning

Gold prices traded marginally higher this morning in the Asian market.

Gold Futures rose by 0.26% to $1,533.40 per troy ounce on the Comex division of the New York Mercantile Exchange.

Meanwhile, China’s economy continues to remain under pressure. The official manufacturer’s Purchasing Managers’ Index (PMI) for August, revealed a lower than expected figure for July.

However, the Caixin China General Manufacturing PMI recorded an increase to 50.4 in August up from 49.9 in July.

Gains on gold remained subdued as the US dollar recovered some lost ground over the past few days. Moreover, the US Dollar Index Futures that tracks the greenback against a basket of currencies was marginally lower, down by 0.08% to 98.83.

Crypto Prices Mixed!!

Prices of the major cryptocurrencies were mixed this morning.

Bitcoin rose by 1.49% to $9,758.6. Litecoin also gained 2.06%.

However, both Ethereum and XRP fell by 1.17% and 0.92% respectively.

Reports about security vulnerabilities on Bitcoin’s Lightning Network have raised concerns among the traders.

Despite security concerns, digital coins are set to go mainstream in Brazil.

Brazil’s largest payment processing provider Cielo would be able to make crypto payments via QR codes.

Financial Events to watch for today

07:55 GMT
German Manufacturing PMI (Aug) [EU]
08:30 GMT
Manufacturing PMI (Aug) [UK]