Oil slumps more than four per cent on trade tensions


Oil slumps more than four per cent on trade tensions

Oil prices slumped more than four percent Thursday on growing trade tensions, which have deepened over the US blackballing Chinese telecom giant Huawei. Around 1450 GMT, Brent crude was off $2.90 at 68.09 and WTI was down USD 3.15 at USD 58.27 — their lowest level in almost two months as demand took a hit.

The Chinese behemoth is reeling after US President Donald Trump effectively banned US companies 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 U.S crude inventories and weak demand from refineries,” said Oanda analyst Dean Read More

Leave a Reply

Your email address will not be published.