[ad_1]
SEOUL (Reuters) – Oil prices fell on Wednesday as the market continues to be affected by possible damage to the global economy and fuel demand due to escalating 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 dipped by more than 9% last week after US President Donald Trump decided to impose a 10% tariff on Chinese imports, worth $ 300 billion dollars as of September 1, causing turmoil on the stock markets.
At the same time, Saudi Energy Minister Khalid al-Falih and his US counterpart, Rick Perry, said on Tuesday that both sides were worried about threats to free movement in the Gulf when from their meeting in Washington.
In another context, the data indicated a larger than expected decline in US crude inventories, which helped support oil prices.
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.
(Reuters)
Source link
