Oil prices mixed up as the market watches the trade war

Oil prices were mixed on Tuesday as the ongoing trade war between the U.S. and China weakened the markets, while South Korean data reinforced concerns about emerging markets and OPEC production growth.
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CLc1 in the U.S. fell by 21 cents (0.4%), to $54.89 per barrel, while Brent LCOc1 rose by 5 cents to $58.71 per barrel.
This week, the United States set 15% tariffs on several Chinese goods, and China began to introduce new duties on the $75 billion target list, deepening the trade war, which has been going on for more than a year already.
Donald Trump, the U.S. President, said that the two sides will still meet for talks later this month.
It turned out on Tuesday that the economy of South Korea showed that during the second quarter the country's economy expanded less than was expected, as exports fell due to the trade dispute between the United States and China.
Production of the Organization of the Petroleum Exporting Countries (OPEC) rose in August for the first month of this year, as increased supplies from Iraq and Nigeria outweighed the restraint top Saudi Arabia and the losses caused by U.S. sanctions against Iran.
Russia, OPEC and other non-member countries, known as OPEC+, agreed in December to cut supplies by 1.2 million barrels per day from January 1 of this year. OPEC's share in the reduction is 800,000 barrels per day, which will be delivered by 11 members and will liberate Iran, Libya, and Venezuela.
Russian production of C-RU-OUT oil rose to 11.294 million barrels per day in August, exceeding the rate at which Moscow promised to limit production by agreement with other producers and reaching the highest level since March, as was showed on Monday.
Nevertheless, Russia intends to fully comply in September with an agreement to reduce oil production between OPEC and some non-OPEC producers.
Data due this week on U.S. stock levels will be rolled over one day until Wednesday and Thursday due to Monday's US holiday
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