Oil slides as China hits US with new tariffs | Financial Times:
Brent crude tumbled below $59 as China announced new tariffs on US imports on Friday, the latest move in the escalation of a trade war that is knocking the outlook for global economic growth and oil demand.
The price of Brent crude, the international benchmark, was down 1.5 per cent at $59.00 a barrel, falling as low as $58.30. West Texas Intermediate, the US marker, was trading at just under $54 a barrel, 2.5 per cent lower than Thursday’s close, having fallen as low as $53.40 earlier in the day.
Beijing said that it would impose additional levies of between 5 and 10 per cent on $75bn of US imports from September, the latest retaliatory measure in the tit-for-tat trade war to darken the macroeconomic outlook and hit prospects for oil consumption growth.
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