Oil slips as U.S.-China trade tensions fuel demand concerns - Reuters

Oil slips as U.S.-China trade tensions fuel demand concerns - Reuters:

Oil prices dipped on Wednesday as potential damage to the global economy and fuel demand from the intensifying Sino-U.S. trade dispute continued to cast a shadow over the market.

International benchmark Brent crude futures LCOc1 were at $58.75 a barrel by 0642 GMT, down 19 cents, or 0.32%, from their previous settlement and trading near seven-month lows.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 12 cents, or 0.22%, from their last close at $53.51 per barrel.

Brent prices have plunged more than 9% in the past week after U.S. President Donald Trump said he would slap a 10% tariff on a further $300 billion in Chinese imports starting on Sept. 1, sending global equity markets into a tailspin.