Oil drops more than 2% as trade war rumbles and output swells - Reuters

Oil drops more than 2% as trade war rumbles and output swells - Reuters:

Oil prices fell more than 2% on Tuesday, weighed down by rising OPEC and Russian oil output as well as the protracted U.S.-China trade dispute that has dragged on the global economy.

U.S. crude CLc1 was down $1.80, or 3.27%, at $53.30 a barrel by 1305 GMT and Brent crude LCOc1 was down $1.28 or 2.18% at $57.38.

“The gloomy mood has mainly been down to the U.S.-China stand-off in trade talks as the two countries continue the tit-for-tat measures of implementing import tariffs on each other’s goods,” said Tamas Varga of oil brokerage PVM. “This is the single most important flat price driver of late.”