Oil Falls as Soaring Trade-War Tensions Spark Flight From Risk
- Brent settles below $60 a barrel for first time since mid June
- Slump ripples across financial markets as investors flee risk
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The international oil benchmark closed below $60 dollars a barrel for the first time in almost two months as worsening U.S.-China trade relations intensified fears about the health of the global economy, prompting investors across financial markets to flee risky assets.
Futures fell 3.4% to settle at $59.81 in London on Monday. China, hitting back against U.S. President Donald Trump’s threat to pile on more tariffs, allowed its currency to fall to the lowest since 2008. The dispute between the top two economies is threatening energy demand and overshadowing Middle East supply threats.