Oil slumps to new seven-month low on trade tensions - Reuters:
Oil prices fell further on Wednesday, extending recent heavy losses as deepening U.S.-China trade tensions weighed on the outlook for the global economy and energy demand.
Brent crude futures LCOc1 were down $1.04, or 1.75%, at $57.90 a barrel by 1251 GMT, setting a fresh seven-month low. Prices have lost more than 20% since hitting their 2019 peak in April.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down $1.17, or 2.18%, at $52.46.
Brent has plunged more than 10% over the past week after U.S. President Donald Trump said he would slap a 10% tariff on a further $300 billion in Chinese imports from Sept. 1, sending global equity markets into a tailspin.
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