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Oil prices fall 2% as US-China trade war concerns hit demand outlook

Trade war worries hit global equities again on Monday, while stoking a rally in safe-haven assets including the Japanese yen, core government bonds and gold

Oil futures | oil trade | Oil prcies

Reuters  |  New York 

Global oil benchmark Brent futures fell more than 2 per cent on Monday on global growth concerns after US President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world's two biggest buyers. Brent crude fell $1.38, or 2.2 per cent, to $60.51 a barrel by 12:49 p.m. EDT (1649 GMT). US West Texas Intermediate (WTI) crude futures fell 28 cents, or 0.5 per cent, to $55.38 a barrel, finding some support from a draw in inventories at the Cushing, Oklahoma, storage hub and delivery hub for WTI. Stocks at Cushing fell nearly 2.4 ...

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First Published: Mon, August 05 2019. 22:32 IST