Oil Prices Slide to Seven-Month Low amid
Trade Tensions and Build in U.S. Inventories
August 07,
2019
Oil prices tumbled 5% on Wednesday to a seven-month low,
extending recent heavy losses following a surprise build in U.S.
crude stockpiles and fears that demand will shrink due to U.S.
trade war with China.
Brent crude futures dropped by 4.5% to at $56.27 a barrel, the
lowest close in seven months. Global benchmark losses reached
more than 20% since their 2019 peak in April.
U.S. West Texas Intermediate (WTI) crude futures fell by 5.4% to
$50.73 a barrel.
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