Oil prices fell around 2% on Tuesday, pressured lower by fears over the impact of U.S.-China trade war on the global economy and rising OPEC output.
U.S. crude was down $1.36, or 2.5%, at $53.73 a barrel by 08:22 AM ET (12:22 GMT), while international benchmark Brent was down 97 cents at $57.66 a barrel.
The U.S. on Sunday imposed 15% tariffs on a variety of Chinese goods and China began imposing new duties on U.S. crude oil, in the latest escalation in the prolonged trade war between the world’s two largest economies.
Although U.S. President Donald Trump has said both sides would still meet for talks later this month, there was no agreement over the weekend on the timing.
Concerns over the global economic fallout mounted after data on Tuesday showed that South Korea's economy expanded less than estimated during the second quarter due to weaker exports.
Source : Investing.com