News

Oil drops 1.4% to 5-week low, settling at $61.40, as US-China trade war intensifies

popeline

Oil prices tumbled on Tuesday as renewed doubts over U.S.-China trade talks stoked concerns over global growth, but U.S. sanctions on Iran and Venezuela tightened supply and helped to stem losses.

U.S. President Donald Trump on Sunday said he would raise tariffs on $200 billion worth of Chinese goods from 10-25% by Friday. The comments dragged on both Asian and U.S. stock markets.

Newsletter sign up

U.S. West Texas Intermediate crude futures settled 85 cents lower at $61.40 per barrel, dropping 1.4% to the weakest closing price since March 29.

Brent crude oil futures fell $1.31, or 1.8%, $69.93 per barrel around 2:30 p.m. ET (1830 GMT), on pace for the lowest settle since April 4.

An escalation in the U.S.-China trade war has brought oil prices under renewed pressure,The spat has reinvigorated demand-side concerns, given that the conflict has been adversely impacting prospects for global economic growth.

said Abhishek Kumar, head of Analytics at Interfax Energy in London.

Read More

Are you enjoying the article? Join our community for even more!

 

Click Here

Related posts

Costco says ‘prices will go up’ in the wake of U.S. trade war with China as tariffs rise

Camila Coutinho

To dodge trade war, Chinese exporters shift production to low-cost nations

Camila Coutinho

Global stocks mixed after report of US China trade talks

Debora Knight

Leave a Comment