Economic news

Oil falls amid growing trade tensions and worries over crude supply from Iran

Crude prices dropped on Monday pressured by the trade war between the U.S. and China that stokes concerns of damage to global growth, but planned U.S. sanctions on Iranian oil industry eased declines, according to traders.

Photo: Reuters

Brent futures lost 19 cents from the previous settlement, falling to $75.63 for a barrel.

U.S. WTI futures receded 30 cents to $68.42 per barrel.

Stephen Innes of OANDA commented that lessening number in U.S. rigs and shrinking of U.S. oil stockpiles in the past week pushed up prices despite lasting U.S.-China trade discord that could obstruct global economic growth and curb oil demand.

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