Singapore — Oil prices tumbled on Monday after US President Donald Trump on Sunday said he would sharply hike tariffs on Chinese goods this week, risking the derailment of trade talks between the world’s two biggest economies. US West Texas Intermediate (WTI) crude futures were at $60.51 a barrel at 5.26am GMT on Monday, down $1.43 a barrel, or 2.3%, from their last settlement. Brent crude oil futures fell below $70 a barrel, trading at $69.33 a barrel, down $1.52 a barrel, or 2.2%, from their last close. Trump said on Twitter on Sunday that he would drastically hike US tariffs on Chinese goods this week, pulling down global financial markets, including crude oil futures. “Trump has taken the proverbial sledgehammer to the walnut this morning … by threatening to slap a 25% tariff on a mind-boggling $525 billion of Chinese goods by this Friday,” said Jeffrey Halley, senior market analyst at futures brokerage Oanda in Singapore. Trump’s move triggered reports that China may cancel tra...

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