Arab and international
Economy News _ Baghdad
Oil prices fell on Monday after US President Donald Trump said he would raise tariffs on Chinese goods this week, threatening to disrupt trade talks between the world’s two largest economies.
West Texas Intermediate crude futures were $ 60.57 a barrel at 0646 GMT, down $ 1.37 or 2.2 percent from the previous settlement.
Brent crude fell below $ 70 a barrel and traded in futures at $ 69.34 a barrel, down $ 1.51, or 2.1 percent, at the closing price.
Trump wrote on Twitter on Sunday that it would raise tariffs a lot on Chinese goods this week, pushing the financial markets to drop including oil futures.
“Trump’s sudden tough stance on China’s tariffs has worried investors who are quick to reduce their risk exposure in the markets,” said Jasper Lawler, head of research at London-based capital group brokerage Brokerage.
“The prospect of stalled months of trade talks over Trump has raised concerns about oil demand in the future,” he said.