Price of oil falls on uncertainty about US-China trade talks
Oil markets remain tense as the US has tightened sanctions on Iranian oil exports and plans to bulk up its forces in the world's top oil-exporting region
London - Oil prices fell on Tuesday as renewed doubts over US-China trade talks stoked jitters over global growth, but losses were tempered by a US military deployment to the Gulf to deter Iran. Brent crude oil futures were at $70.84 per barrel at 8.50am GMT, 40 US cents or 0.56% below their last close. US West Texas Intermediate crude futures were at $61.97 per barrel, down 28c or 0.45%. US President Donald Trump said on Sunday he would raise tariffs on $200bn worth of Chinese goods from 10% to 25% by Friday, comments that dragged down Asian and US stock markets. "The US has been losing, for many years, $600bn-$800bn a year on trade. With China we lose $500bn. Sorry, we're not going to be doing that anymore!" Trump tweeted on Monday. On the supply side, oil markets remain tense as the US has tightened sanctions on Iranian oil exports and plans to bulk up its forces in the world's top oil-exporting region. US officials announced on Sunday that the movement of the Abraham Lincoln car...
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