Oil falls to lowest level since Aramco attacks[/rtl]
[rtl]Release date:: 2019/09/25 0:06 • [rtl]254 [/rtl][rtl]read [/rtl]times[/rtl]
Oil prices fell more than 2 percent on Tuesday to their lowest level since the September 14 attacks on two vital oil facilities in Saudi Arabia after US President Donald Trump again stoked fears that an end to the trade dispute between the United States and China, which Trimmed energy demand, looks far.
In a speech at the United Nations, Trump accused China of unfair trade practices, including “huge” market barriers, currency manipulation and intellectual property theft, a few days after inconclusive trade talks in Washington between officials from the world's two biggest oil consumers.
"We hope that we can reach an agreement that will be beneficial to both countries," Trump said. But he added: "As I have made very clear, I will not accept a bad deal."
Brent crude futures ended the session down $ 1.67, or 2.6%, to settle at $ 63.10 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell $ 1.35, or 2.3 percent, to close at $ 57.29 a barrel.
A private sector report showed that consumer confidence in the United States recorded the biggest drop in nine months in September.
Analysts said weak economic data from major European economies and Japan also weighed on oil prices.
Markets are awaiting the latest weekly data on US crude oil inventories. The American Petroleum Institute will release its report later on Tuesday, followed by a report from the US Energy Information Administration on Wednesday