Oil prices drop as U.S.-China trade dispute stokes demand worries
Wednesday, 7 August 2019 08:08 WIB | ENERGY |Minyak WTIMinyak MentahMinyak Brent

Oil fell on Wednesday as the intensifying Sino-U.S. trade dispute stoked worries over demand, although a drop in U.S. crude inventories offered some support to prices.

International benchmark Brent crude futures were at $58.70 a barrel by 00:39 GMT, down 24 cents, or 0.41%, from their previous settlement and trading near seven-month lows.

West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.37%, from their last close to $53.43 per barrel.

"Crude oil prices remained under pressure as investors grappled with the impact of the trade conflict," ANZ bank said in a note. Brent prices have plunged more than 9% in the past week after U.S. President Donald Trump said he would slap a 10% tariff on a further $300 billion in Chinese imports starting on Sept. 1, sending global equity markets into a tailspin.

Source : Reuters

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