Oil drops as China announces retaliatory tariffs on US goods

Friday, 23. August 2019 14:39

Oil prices plunged on Friday after Beijing unveiled retaliatory tariffs on $75 billion worth of US goods.

Among products targeted by the new measures is US crude oil, which will be subject to a 10% tariff starting September 1. Meanwhile, 25% tariffs on US-made cars will continue from December 15, with 5% duties on auto parts.

West Texas Intermediate futures for October sank 3.18% to $53.50 a barrel at 8:31 am ET, while Brent futures for the same month lost 2.45%, to go for $58.38 per barrel.

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