U.S.-China Trade Tension Drags Down Oil Prices
May 4, 2020
6:17 am
Oil prices fell in early trade on Monday, paring last week’s gains, on worries the global oil glut may persist as U.S.-China trade tension could hold back an economic recovery.
The pessimism in the market emerged even as coronavirus pandemic lockdowns start to ease in Europe and the United States.
U.S. West Texas Intermediate (WTI) crude futures fell as low as $18.32 a barrel and were down $1.46, or 7.6%, at $18.27 at 0008 GMT. The benchmark contract rose 17% last week.
Brent crude futures were down 90 cents, or 3.4%, at $25.54, after touching a low of $25.53. Brent …
