Oil prices tumble in midday trade | Financial Times

Oil prices tumble in midday trade | Financial Times:

Oil prices took an unexpected tumble on Tuesday, giving up their morning gains, as investors weighed the latest flare-up in US-China trade tensions against expectations that Opec and its allies could cut production targets when they meet next week.

Brent crude, which had been up by as much as 1.5 per cent earlier today, dived at around midday in New York to trade down by as much as 2.6 per cent at $58.92 a barrel. It later trimmed that decline to 1.2 per cent.

West Texas Intermediate also suffered a similar sell-off, notching a loss of as much as 2.6 per cent before recovering to trade down 1 per cent at $51.32. At its session high this morning, it had been sitting 1.5 per cent higher.