2019-11-11 | 03:57
[size=18]Oil prices fell on Monday by 1 percent as the US refused to abolish tariffs on Chinese goods.
US President Donald Trump commented that he did not agree to abolish tariffs on goods from China , portending a slowdown in growth for the world's largest economy.
Brent crude was down 63 cents, or 1.01 percent, at $ 61.88, while US crude also fell to $ 56.66, or 58 cents, or 1 percent.
The 16-month-old trade war between the world's two largest economies has slowed economic growth around the world and prompted analysts to lower their forecasts for oil demand, raising concerns about an oversupply that could emerge in 2020.
The US Energy Information Administration said last week that crude oil inventories The US rose strongly as refineries cut production and exports fell.