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 (WTI) crude was down $4.09, or 7 per cent, at $54.49 after sinking to a low of $54.34.
