Economics
Crude Crumbles Under Trade War That Imperils Economic Growth
- U.S. plans tariffs on additonal $200 billion of Chinese goods
- Brent crude oil futures tumble by the most in two years
This article is for subscribers only.
Crude plunged the most in two years as the escalating U.S.-China trade war that threatens economic growth overshadowed the biggest drop in American crude inventories since 2016.
Futures fell almost 7 percent in London on Wednesday. U.S. President Donald Trump is poised to slap tariffs on almost half the products Americans import from China within weeks, and the Asian nation has pledged to retaliate. Meanwhile, U.S. stockpiles shrank by 12.6 million barrels last week, oil imports in the biggest American refining region fell the most in half a decade, and Libya prepared to unleash more crude exports.