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Oil Down Nearly 2% as Trade War Shakes Confidence


Monday, 26 August 2019 08:35 WIB

Minyak WTIbrent oilOil,Crude Oil


c_740_198_16777215_00_images_assets_Oil3_0il-prices-dip.jpg

Oil prices fell on Monday, pushing U.S. crude to its lowest in more than two weeks, as a ratcheting up of tensions in the U.S.-China war knocked confidence in the global economy.

Brent crude was down 89 cents, or 1.5%, at $58.45 a barrel by 0044 GMT, having earlier touched $58.24, the lowest since Aug. 15.

U.S. oil fell $1, or 1.8%, to $53.17 a barrel, earlier falling to $52.96, the lowest since Aug. 9.

Oil prices are being hit "in large part because of worries about a severe global economic slowdown and potentially even a U.S. recession," said Stephen Innes, managing partner at Valour Markets.

Concerns about an economic slowdown are being fanned by the intensifying trade war between the United States and China.

Source : Reuters


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