Oil down nearly 2% as trade war shakes confidence
TOKYO: Oil prices fell on Monday, pushing US crude to its lowest in more than two weeks, as a ratcheting up of tensions in the US-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.
US 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 US recession,” said Stephen Innes, managing partner at Valour Markets.
