Oil is calming due to escalating trade tensions between America and China

Low oil prices

Oil prices fell on Wednesday as the market continued to be affected by possible damage to the global economy and fuel demand due to intensifying trade disputes between China. and the United States.

At approximately 6:42 am GMT, Brent crude futures dropped 19 cents, or 0.32 percent, to $ 58.75 per barrel from the previous settlement, and traded at most low level in seven months.

West Texas Intermediate (WTI) crude futures prices in the United States fell 12 cents, or 0.22%, from the last settlement, to $ 53.51 per barrel.

Brent crude prices plunged more than 9 percent last week after US President Donald Trump decided to impose a 10 percent tariff on Chinese imports worth $ 300 billion. dollars as of September 1, causing turmoil on the stock markets.

US inventories of crude decreased by 3.4 million barrels during the week ending Aug. 2, to 439.6 million barrels, while badysts forecast a decline of 2 percent. 8 million barrels.

Read also … Oil prices fall after the threat of new tariffs imposed by Trump on China