Oil prices tumble by more than two per cent after Trump announces new tariffs on Chinese goods

Brent crude oil futures were at $69.34 per barrel, down $1.51 per barrel, or 2.1 per cent, from their last close

Oil prices tumbled by more than two per cent on Monday after United States (US) President Donald Trump on Sunday said he would sharply hike tariffs on Chinese goods this week, risking derailing months of trade talks between the world’s two biggest economies.

US West Texas Intermediate (WTI) crude futures were at $60.44 per barrel at 0032 GMT on Monday, down $1.50 per barrel, or 2.4 per cent, from their last settlement.

Brent crude oil futures were at $69.34 per barrel, down $1.51 per barrel, or 2.1 per cent, from their last close.