Oil crashes 7% as Trump announces additional tariffs on Chinese imports - Reuters

Oil crashes 7% as Trump announces additional tariffs on Chinese imports - Reuters:

Oil prices plummeted more than 7% on Thursday to the lowest level in about seven weeks, after U.S. President Donald Trump said he would impose an additional 10% tariff on $300 billion worth of Chinese imports starting Sept. 1.

A prolonged trade war between the world’s two largest economies has triggered worries about oil demand.

Brent crude LCOc1 fell $4.55, or 6.99%, to settle at $60.50 a barrel, having dropped as low as $60.02, the lowest 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.

“Oil prices have fallen considerably today, done in by a one-two punch of the underwhelming Federal Reserve easing moves and the announcement by President Trump that more tariffs will be placed on imported Chinese goods,” said John Kilduff, partner at Again Capital Manageme