Oil prices recorded their largest decline since February 2015

Oil prices plunged nearly 8% Thursday, their biggest drop in a day for more than four years after US President Donald Trump stepped up his trade war with China, threatening to impose more rights from the next month, raising fears of an economic slowdown, Of course, this will affect the demand for energy.

Oil futures dropped 7.9% at the close of trading in New York on Thursday, according to the Bloomberg news agency.

Trump regretted the lack of progress in trade negotiations and said that as of September 1, China would be billed for $ 300 billion of Chinese imports into the US market.

Trump's threat worsens fears of a slowdown in manufacturing activity in the United States and rising expectations that the US Federal Reserve will reduce its interest rates to spur growth.

According to Bloomberg, Kelly Cooper, director of research at IAF Advisors, said "rising tariffs on Chinese products are raising concerns about the slowdown in the economy and weak demand. loss of customs duties ".

West Texas Intermediate crude for delivery in September lost $ 4.63 to settle at $ 53.95 a barrel on the New York Mercantile Exchange, the largest decline since February 2015.