Oil Prices Drop Amid Trump's Escalation of Trade War with China

Oil prices fell by nearly 1% on Thursday as U.S. President Donald Trump escalated his trade war with China, despite announcing a 90-day suspension of tariff implementation on other countries.اضافة اعلان

Brent crude futures dropped by 73 cents, or 1.1%, to $64.73 per barrel by 01:08 GMT, while U.S. West Texas Intermediate (WTI) futures declined by 49 cents, or 0.8%, to $61.86.

Crude oil prices had stabilized with a 4% increase on Wednesday, after dropping as much as 7% during the session.

Trump raised tariffs on China to 125%, effective immediately, up from the 104% previously announced and implemented earlier on Wednesday.

China also announced an additional 84% import tax on U.S. goods, effective Thursday. (Reuters)