Oil slumps 7% as Trump announces additional tariffs on Chinese imports

NEW YORK (Reuters) – Oil prices plummeted more than 7% on Thursday, with the U.S. benchmark posting its worst day in more than four years, after President Donald Trump said he would impose additional tariffs Chinese imports starting Sept. 1. The drop in Brent crude was the steepest in more than three years, undoing a fragile oil rally built on steady drawdowns in U.S. inventories even as global demand looked shaky due to the U.S.-China trade dispute. Trump’s announcement of an additional 10% levy on $300 billion worth of Chinese goods undermined hopes that the world’s two largest economies had reached a detente in a year-long conflict that has weakened growth worldwide. Brent crude LCOc1 fell $4.55, or 6.99%, to settle at $60.50 a barrel, after having dropped to $60.02, its lowest level since June 13. The international benchmark’s decline on Thursday was its biggest daily percentage drop since February 2016. U.S. West Texas Intermediate (WTI) CLc1 crude ended the session down $4.63, or 7.9%, at $53.95 after sinking to a low of $53.59, the lowest level since June 19. It was the biggest percentage decline since February 2015. More than 836,000 contracts changed hands, surpassing the daily average of… continue reading

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