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Oil prices plummeted nearly 8 percent in their largest single-day drop for more than four years after US President Donald Trump intensified his trade war with China.
Trump has threatened to impose more tariffs starting next month, raising concerns about the economic slowdown and of course affecting energy demand.
According to the Bloomberg news agency, oil futures fell 7.9% at the close of the New York Mercantile Exchange on Thursday.
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.
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