Oil futures settled lower on Tuesday as the latest round of tariffs in the U.S.-China trade war contributed to worries over the global economy, and demand for crude. "The trade war remains the market's main focus and with new tariffs going into effect over the [past] weekend, investor sentiment towards U.S.-China relations are continuing to deteriorate, which is dragging WTI towards key range support in the low $50s,"Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.
October West Texas Intermediate oil fell $1.16, or 2.1%, to settle at $53.94 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract settlement since Aug. 26, according to FactSet data.
Source : Marketwatch