Jerusalem

Oil prices fell by more than 1% on Tuesday, with Brent crude nearing $ 60 a barrel at its lowest level in seven months, amid fears of weak global demand. by trade tensions between the United States and China.

During the session, Brent traded at $ 58.81 per barrel, down more than 22% from April's high.

Brent lost more than 9% over the past week as US President Donald Trump promised to impose new tariffs on imports from China and Beijing taking further action against US farm supplies.

The United States also reacted to the decline of the Chinese yuan by categorizing the Chinese currency manipulator.

Futures contracts on Brent fell 87 cents (1.45%) to $ 58.94 a barrel.

Standard wheat futures in the western United States in Texas fell $ 1.06, or 1.94%, to $ 53.63 a barrel.

Global stocks hit their all-time low in two months and Brent fell more than 3% on Monday as traders feared that the dispute between the world's biggest oil buyers will undermine demand, which has led a city center cover on Tuesday.

Oil prices could receive some support after the transaction today. A Reuters poll showed that crude oil inventories in the United States are expected to decline for the eighth consecutive week.

The American Petroleum Institute is expected to release its weekly inventory data at 8:30 pm GMT, with the government scheduled to release official figures on Wednesday.