US-China trade war pulls down oil market

Virendra Singh Rawat
Lucknow / Aug 26, 2019

The raging US-China trade war has cast its spectre on the global oil market with the commodity falling for the 4th consecutive day.

According to a Bloomberg report, oil futures in New York dropped nearly 2.2% after closing down 2.1% on Friday as Beijing announced to impose retaliatory tariffs on an additional chunk of $75 billion of US goods, including oil.

UP president Donald Trump responded with slapping additional tariff hike on Chinese goods, while exhorting the native firms to pull out of the Asia’s largest economy.

Earlier, oil had rallied by 10% from a low in early August, as US-China relations seemed bettering, before witnessing the downward spiral from last midweek.

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