Trade Conflict Hits Oil Prices
A new round of tit-for-tat tariffs in the US-China trade conflict has torpedoed oil prices, while the Russian rouble tumbled to its lowest since late 2016, as the US slapped fresh sanctions on the country.
Early Thursday, China’s state broadcaster said China must counteract US tariffs and Beijing had the confidence to protect its own interests as well as the means to do so. China had already announced additional tariffs of 25% on $16 billion worth of US imports from fuel to autos.
There were also reports President Xi Jinping had asked China’s major oil companies to increase domestic output. US crude was last down 12 cents at $66.82 per barrel, having shed 3.2% on Wednesday, while Brent was off 2 cents at $72.26.
RBI to Transfer Rs 50K Crore Surplus to Govt
The Reserve Bank of India (RBI) will transfer Rs 50,000 crore of its surplus money to the government Read More
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