COMMODITY
Crude oil futures settle lower on trade worries
Aug-16-2019

Crude oil futures settled in red on Thursday as US-China trade tensions continue to feed worries about a global economic slowdown that could weigh on demand. China said it would take unspecified necessary countermeasures if US plans for 10% tariffs on additional Chinese goods go into effect on September 1. This comes after the Trump administration earlier this week said it would delay a chunk of those tariffs until mid-December. Besides, oil prices also dropped after the Energy Information Administration (EIA) reported a second straight weekly rise in US crude supplies, with inventories up 1.6 million barrels in the week ended August 9.

Benchmark crude oil futures for September dropped 76 cents or 1.4 percent to settle at $54.47 a barrel on the New York Mercantile Exchange. October Brent declined $1.25 or 2.1 percent to settle at $58.23 a barrel on London's Intercontinental Exchange.

  RELATED NEWS >>