Oil falls 2% after Trump ratchets up U.S.-China trade war - Reuters

Oil falls 2% after Trump ratchets up U.S.-China trade war - Reuters:

Oil prices fell 2% on Tuesday as U.S. President Donald Trump fanned market fears that Sino-American trade tensions are far from settled amid ongoing negotiations, a grim sign for oil demand growth. 

Trump sharply criticized what he called China’s unfair trade practices in a speech at the United Nations General Assembly, saying he would not accept a “bad deal” between the United States and China.

“He ratcheted up the U.S.-China trade war again,” said John Kilduff, a partner at Again Capital LLC in New York. “It wasn’t a constructive tone in trying to get that resolved, and we know how sensitive oil prices are to the back and forth.”

Brent crude futures LCOc1 fell $1.35, or 2%, to $63.42 a barrel by 12:08 p.m. CDT (1708 GMT). West Texas Intermediate futures CLc1 were down $1.12, or 1.9%, at $57.52 a barrel.