06MAY2019 - NEWS - Oil prices tumble by more than 2% after Trump announces new tariffs on Chinese goods

Oil prices tumbled by more than 2 per cent on Monday after 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. 

Trump on Sunday said on Twitter he would drastically hike US tariffs on Chinese goods this week, pulling down global financial markets, including crude oil futures. 

The Wall Street Journal reported that Beijing is considering cancelling all trade talks with Washington. 

Published by Editor - www.Livebunkers.com at 06-May-2019 10:53:55 [UTC] , contact editor at editor@livebunkers.com