Oil falls amid new round of tariffs in US-China trade war

TOKYO: Oil prices fell on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude.

Brent crude was down 42 cents, or 0.7 per cent, at $58.83 a barrel by 0041 GMT, while US oil was down 27 cents, or 0.5 per cent, at $54.83 at barrel.

The United States began imposing 15 per cent tariffs on a variety of Chinese goods on Sunday – including footwear, smart watches and flat-panel televisions – as China put new duties on US crude, the latest escalation in a bruising trade war.