Oil Futures Sink Into Trade-War Turmoil as Brent Slips Below $70 - Bloomberg

Oil Futures Sink Into Trade-War Turmoil as Brent Slips Below $70 - Bloomberg:

Oil prices tumbled, joining a slide in global equity markets as President Donald Trump’s latest tariff threats raised the stakes in the U.S.-China trade war.

Brent crude futures fell 1.9 percent on Tuesday, slipping below $70 a barrel for the first time in over a month, as investors fretted about potential damage to the global economy. Even as negotiators prepped for a new round of talks in Washington, Trump’s remarks about raising levies on Chinese goods prompted retaliatory threats from the Asian nation.

“There are concerns about the broad economic environment,” said Michael Tran, a commodity strategist at RBC Capital Markets LLC in New York. “Clearly, the biggest risk to the oil market right now is the Trump factor coupled with macro headwinds.”