Oil slumps to new seven-month low

Oil slumps to new seven-month low

Oil prices fell further today, extending recent heavy losses as deepening U.S.-China trade tensions weighed on the outlook for the global economy and energy demand.

Brent crude futures were down $1.04 (1.75%) at $57.90 a barrel by 1251 GMT, setting a fresh seven-month low. Prices have lost more than 20% since hitting their 2019 peak in April.

WTI crude futures were down $1.17 (2.18%) at $52.46, Reuters reported.

Brent has plunged more than 10% over the past week after U.S. President Donald Trump said he would slap a 10% tariff on a further $300 billion in Chinese imports from September 1, sending global equity markets into a tailspin.

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