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Oil Falls Below US$74 A Barrel Amid Raised Stakes In Trade War

Oil Falls Below US$74 A Barrel Amid Raised Stakes In Trade War

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The price of oil fell below US$74 a barrel this week, after U.S. President Donald Trump raised the stakes in the trade war against China with the biggest list yet of goods it may hit with higher tariffs.

Futures in New York fell as much as 1.3 percent after the Trump administration unveiled a list of US$200 billion in Chinese goods that could face 10 percent tariffs after public consultations end on Aug. 30.

Other risk assets also dropped, with Asian stocks and U.S. equity futures slumping, while safe-haven securities such as the yen and Treasuries rose.

Oil has been trading near a three-year high as concerns of a supply crunch due to disruptions from Libya to Venezuela and renewed U.S. sanctions on Iran overshadowed a pledge by OPEC and its allies to boost production.BM

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