Oil price dented by rising US-China trade tension
Brent crude futures fell 20c to $75.14 a barrel in early trade while US crude futures lost 72c to trade at $65.13
London — Oil fell on Tuesday as an escalating trade dispute between the US and China unleashed sharp sell-offs in many global markets. The crude price was also dented by expectations that producer group Opec and partner Russia would gradually increase output in order to make up for involuntary losses in Venezuela and potential shortfalls from Iran, which is facing US sanctions related to its nuclear activity. The US and China are threatening punitive tariffs on each other’s exports, which could include oil supplies, which sent Chinese stocks to their lowest in almost a year and kept European indices and other industrial commodities such as copper and nickel under pressure. Brent crude futures fell 20 US cents to $75.14 a barrel by 9.03am GMT, while US crude futures lost 72c on the day to trade at $65.13 a barrel. Oil traders are closely watching a threat by China to react to US tariffs by putting a 25% duty on US crude oil imports, which have been surging since 2017 to a value of al...
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