Oil prices slumped more than 5 per cent on Thursday on growing trade tensions, which have deepened over the US blackballing Chinese telecom giant Huawei.
Around 11.20 pm (IST), Brent crude was down $3.62 a barrel at $67.37. The Chinese behemoth is reeling after US President Donald Trump effectively banned US firms from supplying the firm and its affiliates with critical components, citing security concerns, prompting a slew of tech firms to suspend transactions with Huawei and phase out using its equipment in network infrastructure.
“Oil prices remain under pressure, extending this week’s falls amid surging US crude inventories and weak demand from refineries,” said Oanda analyst Dean Popplewell, noting latest data showed crude oil inventories at a two-year high due to weak refinery demand.
