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 were down 70 cents, or 1.2%, at $58.26 a barrel by 1205 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 were down 38 cents, or 0.7%, at $53.25.
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.
Source : Reuters