Oil prices fell further on Wednesday, extending recent heavy losses as deepening...
LONDON - Oil prices fell further on Wednesday, extending recent heavy losses as deepening U.S.-China trade tensions weighed on the outlook for the global economy and energy demand.
Brent crude futures LCOc1 were down 40 cents or nearly 0.7% at $58.54 a barrel by 1025 GMT, setting a fresh seven-month low. Prices have lost more than 20% since hitting their 2019 peak in April.Brent has plunged more than 9% over the past week after U.S. President Donald Trump said he would slap a 10% tariff on a further $300 billion in Chinese imports from Sept. 1, sending global equity markets into a tailspin.
The bank lowered its 2019 price outlook, mostly because of demand concerns, forecasting that global oil supplies will exceed consumption in the first half of next year. Tensions in the Middle East remain high after Iran seized a number of tankers in recent weeks in the Strait of Hormuz, a major chokepoint for oil shipments.
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