Brent oil in bear market as China-U.S. trade tensions mount - Reuters

Brent oil in bear market as China-U.S. trade tensions mount - Reuters:

Oil prices fell more than 1% on Tuesday, with Brent crude settling near seven-month lows below $60 a barrel as trade tensions between the U.S. and China intensified worries about weakening global demand.

During the session, Brent traded at a low of $58.81 a barrel, down more than 22% from its peak in April. That decline puts the global benchmark in “bear market” territory.

Brent prices have lost more than 9% in the past week, with U.S. President Donald Trump vowing to impose new tariffs on Chinese imports and Beijing making further moves against U.S. agricultural cargoes.

The United States also responded to a decline in China’s yuan on Monday by branding China a currency manipulator. Trump on Tuesday dismissed concerns over a protracted trade war with China, as Beijing warned that Washington’s decision the day before would lead to chaos in financial markets.

International benchmark Brent futures LCOc1 fell 87 cents, or 1.45%, to settle at $58.94 a barrel.

West Texas Intermediate crude CLc1 futures were down $1.06, or 1.94%, at $53.63 a barrel.