Commodities
Oil Falls as Trade War Fallout Concerns Outweigh Iran Sanctions
- Sanctions evasion had helped Iran increase crude exports
- China imposes duty on US oil flows among commodity targets
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Oil edged lower as concerns that trade war between the US and China would hurt global growth outweighed the announcement of reinforced sanctions on Iran.
West Texas Intermediate fell 0.6% to settle below $73 a barrel, recovering from an earlier decline of as much as 3.4% that was driven by the prospect that dueling tariffs between the US and China would reduce energy demand. Oil pared losses after Trump signed a directive that aims to ramp up economic pressure on Iran.