London — Oil prices fell on Wednesday after US President Donald Trump threatened to levy new tariffs on China, deepening a trade dispute that could depress energy demand. The spectre of tariffs on a further $200bn worth of Chinese goods sent commodities lower along with stock markets, as tension between the world’s biggest economies intensified. Benchmark Brent crude was down $1.50 at $77.36 a barrel by 8.15amGMT, having fallen as low as $77.21. US light crude was down 60c at $73.51. "Trade concerns have bitten today," said Michael McCarthy, chief markets strategist at CMC Markets. "If these tariffs are introduced there will be an impact on global growth and demand." The price fall was aided by the news that Tripoli-based National Oil Corporation (NOC) had lifted a force majeure on four Libyan oil ports, saying production and exports from the terminals would "return to normal levels in the next few hours". Libyan oil production fell to 527,000 barrels per day (bpd) from a high of 1....
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