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.

Oil falls on threat of China crude tariffs,
China on Friday said it would retaliate by slapping duties on American export products, including crude oil. Image source: Reuters

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