Brent falls after the US president says he will sharply hike tariffs on Chinese goods, risking the derailment of trade talks between the world’s two biggest economies
A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the Siberian city of Kogalym, Russia. Picture: REUTERS/SERGEI KARPUKHIN
US West Texas Intermediate crude futures were at $60.51 a barrel at 5.26am GMT on Monday, down $1.43 a barrel, or 2.3%, from their last settlement. Trump said on Twitter on Sunday that he would drastically hike US tariffs on Chinese goods this week, pulling down global financial markets, including crude oil futures.
Trump’s move triggered reports that China may cancel trade talks scheduled with Washington, but the South China Morning Post later reported that Chinese Vice-Premier Liu He would still travel to the US this week, although his trip would be shortened.
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