29/05/2019 14:30
Oil prices drop as trade war worries outweigh supply disruptions
Oil prices fell more than 2% on Wednesday as China signaled it would use the rare earths card in its trade war with the United States, stoking concerns that an ongoing stand-off could hurt crude demand.
Supply constraints linked to OPEC output cuts and political tensions in the Middle East offered some support, however.
Front-month Brent crude futures, the international benchmark for oil prices, were at $68.55 a barrel at 0933 GMT, down $1.56 from last session’s close, having hit a session low of $68.44.
U.S. West Texas Intermediate (WTI) crude futures were at $57.71 per barrel, down $1.43, after hitting a low of $57.66.