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Total oil refinery in France – Reuters Photo
NEW YORK (Reuters) – Oil prices fell by more than 7 percent on Thursday to their lowest level in nearly seven weeks after US President Donald Trump announced that he would impose a 10 percent surtax on oil. Chinese products to $ 300 billion as of September 1. .
The long trade war between the world's two largest economies has raised concerns about demand for oil.
Brent crude futures closed at $ 6.50, or 6.99%, to settle at $ 60.50 a barrel after reaching a session low of $ 60.02, the lowest level since June 13th.
Thursday 's world – leading ore loss was the largest single – day drop in percentage terms since February 2016.
US WTI futures contracts closed down $ 4.63, or 7.9%, to $ 53.95 per barrel, after falling earlier in the session to $ 53.59, its lowest level ever since June 19, marking the largest percentage decline since February. 2015.
The first drop in oil prices began six days after the US Federal Reserve disappointed hopes for a series of interest rate cuts.
Despite a larger-than-expected decline in US crude inventories, a decline in crude oil production among OPEC members and a decline in Libyan exports, the market is generally pushed higher. But US production has increased in a still surplus market.
Prepared by Wajdi Al-Alfi for the newsletter in Arabic
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