US grades steady as investors weigh tariff impact
Rabab GoodfieldU.S. cash crude grades were little changed on Monday, dealers said, as investors weighed the impact of ,,.
Mars Sour and WTI Midland held steady at a premium of 60 cents and $1.05 to U.S. crude futures respectively.
President Donald Trump said the U.S. would impose an additional 50% tariff on China if Beijing does not withdraw its retaliatory tariffs on the U.S.
China, the world's second-biggest economy behind the U.S., said on Friday it would impose additional levies of 34% on American goods in retaliation for Trump's latest tariffs.
Investors also worried about demand as Goldman Sachs forecast a 45% chance of recession in the U.S. over the next 12 months, and made downward revisions to its oil price projections.
Saudi Arabia on Sunday announced sharp cuts to crude oil prices for Asian buyers, dropping the price in May to the lowest level in four months.
That could impact U.S. exports to Asia, as buyers turn more to the Middle East.
* Light Louisiana Sweet (WTC-LLS) for May delivery eased 5 cents to a midpoint of a $2.30 premium and was seen bid and offered between a $2.15 and $2.45 a barrel premium to U.S. crude futures ,
* Mars Sour (WTC-MRS) was unchanged at a midpoint of a 50-cent premium and was seen bid and offered between a 40-cent and 60-cent a barrel premium to U.S. crude futures ,
* WTI Midland (WTC-WTM) was unchanged at a midpoint of a $1.05 premium and was seen bid and offered between a 85-cent and $1.25 a barrel premium to U.S. crude futures ,
* West Texas Sour (WTC-WTS) eased 6 cents to a midpoint of a 30-cent discount and was seen bid and offered between a 50-cent and 10-cent a barrel discount to U.S. crude futures ,
* WTI at East Houston (WTC-MEH), also known as MEH, traded between a $1.25 and $1.65 a barrel premium to U.S. crude futures ,
* ICE Brent June futures ,, fell $1.37 to settle at $64.21 a barrel on Monday
* WTI May crude ,, futures rose 45 cents and are currently trading at $61.15 a barrel on Monday
* The Brent/WTI spread (WTCLc1-LCOc1) narrowed 18 cents to last trade at minus $3.75, after hitting a high of minus $3.71 and a low of minus $3.97
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