Oil deepens decline as China announces tariffs

8 August 2018

This content has been created by X-Trade Brokers Dom Maklerski S.A.

Oil prices are experiencing a heavy sell-off today. Firstly, the DOE report showed smaller-than-expected drop in inventories sending oil prices lower. However, the real blow came minutes later as China announced that the $16 billion of US goods targeted by additional tariffs will include gasoline, diesel as well as other petroleum products. At 4:58 pm BST WTI traded at $66.50 (-3.86%) while Brent was seen at $72.01 (-3.54%).

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