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.