Oil prices drop as U.S.-China trade war fuels growth concerns

epa03065593 A motorist holds a fuel pump nozzle at a petrol station in Saint-Thibery, southern France, 18 January 2012. The price for oil broke a new record on 13 January 2012 according to weekly surveys published by the Ministry of Sustainable Development on 16 January 2012. EPA/GUILLAUME HORCAJUELO

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Oil prices fell on Monday amid concerns about weaker crude demand after U.S. President Donald Trump said he would impose tariffs on more Chinese imports, potentially ramping up a trade war between the world’s two largest economies.

Tensions in the Middle East offered some support to prices, with Iran seizing a tanker that it said was smuggling fuel.

Brent crude was down 50 cents, or 0.8%, at $61.39 a barrel by 0029 GMT.

U.S. crude was down 24 cents, or 0.4%, at $55.42 a barrel.

Both benchmarks fell last week, with Brent dropping more than 2% and U.S. crude ending the week around 1% lower.

 

Via Reuters

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