[ad_1]
NEW YORK (Reuters) – Oil prices fell on Monday as new tariffs imposed by the United States and China came into effect, fueling fears of further damage to global economic growth and Gross demand.
Brent crude futures dropped 59 cents to $ 58.66 a barrel, after falling to $ 58.10 during the day.
WTI (West West Texas Intermediate) crude sold 33 cents to $ 54.77 per barrel.
The United States began charging 15 percent of taxes on various Chinese products – shoes, smart watches and televisions – as China imposed new rights on US crude, the latest escalation of their trade war.
US President Donald Trump said the two sides will still meet for talks this month.
Trump wrote on Twitter that his goal was to reduce US dependence on China, reiterating its call to US companies for them to find alternatives to supply.
"Even if President Trump makes it clear that the planned US-China talks will continue, the market is preparing for a prolonged confrontation between the two countries and is counting on the facilitation of central bank cash flows to strengthen the markets. Risk appetite, "said Harry Schillingorian of BNP Paribas.
Beijing has imposed a 5% tariff on US crude. This is the first time that fuel has been used since the world's two largest economies embarked on a trade war in more than a year.
[ad_2]
Source link
