Oil falls on threat of China crude tariffs, expected OPEC supply rise
U.S. West Texas Intermediate (WTI) crude futures touched their lowest level since April, falling to $63.59 per barrel before edging back to $63.98 by 0635 GMT. That was still down $1.07, or 1.6 percent, from their last settlement. "Crude oil prices crashed as U.S.-China trade tensions escalated last Friday," said Benjamin Lu of Singapore-based futures brokerage Phillip Futures.
China on Friday said it would retaliate by slapping duties on American export products, including crude oil. Image source: Reuters