Oil prices drop as trade war worries outweigh supply disruptions - Reuters

Oil prices drop as trade war worries outweigh supply disruptions - Reuters:

Oil prices fell more than 1% in volatile trade on Wednesday, weighed down by equity markets as China signaled readiness to escalate the trade war with the United States, stoking concerns that an ongoing stand-off could hurt demand.

Supply constraints linked to the Organization of the Petroleum Exporting Countries’ output cuts and political tensions in the Middle East offered some support, however.

Brent crude futures, the international benchmark for oil prices, were at $69.07 a barrel at 1:13 p.m. ET (1713 GMT), down $1.04, or 1.5%, having hit a session low of $68.08.

U.S. West Texas Intermediate (WTI) crude futures fell 62 cents, or 1.1%, to $58.52 per barrel, after hitting a low of $56.88, their lowest level since March 12.