Oil Falls to Two-Month Low as Global Demand Anxiety Intensifies
- U.S. plan for more tariffs steps up pressure ahead of talks
- Domestic crude stocks rose, while fuel supplies fell: API
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Oil slid to a two-month low as escalating U.S.-China trade tensions threatened global growth at a time when American crude inventories are swelling.
Futures declined 1.3 percent in New York on Tuesday. The U.S. is preparing another round of tariffs on Chinese imports if talks between the presidents of the world’s two largest economies falter. Meanwhile, U.S. crude stockpiles rose by 5.69 million barrels last week, according to the industry-funded American Petroleum Institute, yet gasoline and distillate supplies shrunk.