Oil falls to lowest in nearly three months as U.S. tariffs on Mexico stoke economy worries
Friday, 31 May 2019 08:52 WIB |
ENERGY |Minyak WTIMinyak MentahMinyak Brent
Oil prices dropped 1.5% percent on Friday to their lowest in nearly three months after U.S. President Donald Trump said he would impose tariffs on imports from Mexico, stoking fears about global economic growth.
Front-month Brent crude futures, the international benchmark for oil prices, were at $65.86 at 0019 GMT, their lowest since March 11. That was down just over a dollar, or 1.5%, from last session's close.
U.S. West Texas Intermediate (WTI) crude futures were at $55.78 per barrel, down 81 cents, or 1.5%, from their last settlement. WTI earlier marked its lowest since March 8 at $55.66 a barrel.
Trump ramped up trade tensions globally by vowing to slap tariffs on all goods from Mexico, firing up fears over economic growth and appetite for oil.
Crude prices have also been under pressure from a smaller-than expected decline in U.S. stockpiles.
Source : Reuters