Oil falls 3% as trade war concerns hit demand outlook - Reuters

Oil falls 3% as trade war concerns hit demand outlook - Reuters:

Global oil benchmark Brent futures fell more than 3% on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers.

Brent crude LCOc1 fell $2.08, or 3.36%, to settle at $59.81 a barrel.

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 97 cents, or 1.74%, to settle at $54.69 a barrel, finding some support from a draw in inventories at the Cushing, Oklahoma, storage hub and delivery hub for WTI.

Stocks at Cushing fell nearly 2.4 million barrels in the week to Aug. 2, traders said, citing data from market intelligence firm Genscape. WTI’s discount to Brent WTCLc1-LCOc1 narrowed to $5.15 a barrel, its narrowest since July 2018.