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TOKYO (Reuters) – Oil prices fell on Monday after new tariffs imposed by the US and China came into effect, raising concerns about continued growth in global growth and lower oil prices. the demand for crude.
Brent was down 42 cents, or 0.7%, to $ 58.83 a barrel here 0041 GMT, while US oil was down 27 cents, or 0.5%, to $ 54.83 a barrel.
The United States began imposing 15% tariffs on a variety of Chinese products – shoes, smart watches and flat-screen TVs – while China imposed new rights on US crude, the latest escalation of A deadly trade war.
US President Donald Trump said the parties would meet again for talks at the end of the month.
Trump, writing on Twitter, said his goal was to reduce US dependence on China and he again urged US companies to find other suppliers outside of China.
Beijing 's 5% tax on US crude marks the first target of this fuel since the two largest economies in the world began their trade war more than a year ago.
"Trade and surcharges are inevitable for oil markets, so even if trade uncertainties persist, it will be difficult for oil to ignore concerns about the threat to global demand," he said. Stephen Innes. APAC market strategist at AxiTrader.
Elsewhere, OPEC Oil production rose in August for the first month of this year, with the increase in the Iraqi and Nigerian supply offsetting the restrictions imposed by Saudi Arabia's leading exporter and the losses caused by US sanctions against the country. 39, Iran, according to a Reuters survey.
South Korea's exports plummeted in August for a ninth consecutive month due to weak demand from its largest buyer, China, and lower prices for computer chips worldwide, government statistics showed on Sunday. .
Dark data clouded prospects for Asia's fourth economy, as a trade dispute between beer brewing and Japan emerged as a new risk beyond the protracted US-China trade war .
(Report by Aaron Sheldrick, edited by Richard Pullin)
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