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Oil was down on Tuesday morning in Asia, giving up its earlier gains from the session.
Investors were spooked after White House trade adviser Peter Navarro told the press on Monday that the U.S.’s trade deal with China is “over”, crushing hopes of salvaging the hard-won phase one trade deal reached earlier this year.
China, one of the world’s biggest oil importers, has yet to respond to Navarro’s comments, but an escalation of U.S.-China tension threatens a delay in the global economic recovery from COVID-19, in turn increasing the risks of an oversupply.