Oil crashes 6% as Trump announces additional tariffs on Chinese imports

Oil prices plummeted more than 6 per cent on Thursday, declining for the first time in six days, after US President Donald Trump said he would impose an additional 10 per cent tariff on $300 billion worth of Chinese imports starting Sept. 1. A prolonged trade war between the world's two largest economies has triggered worries about oil demand.  Brent crude , the international benchmark, fell $3.85, or 5.

9 per cent, to $61.20 a barrel by 1:46 p.m. ET (17:46 GMT), having dropped as low as $61.03. US West Texas Intermediate.....

This article is no longer available in our repository.

There could be multiple reasons for this.