Oil prices fell on Monday, pushing U.S. crude to the lowest in more than two wee...
TOKYO - Oil prices fell on Monday, pushing U.S. crude to the lowest in more than two weeks, as an intensifying trade war between the U.S. and China undermined confidence in global economic growth.
U.S. oil was down 62 cents, or 1.1%, at $53.55 a barrel, having earlier fallen to $52.96, the lowest since Aug. 9. China’s commerce ministry said late last week it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including crude oil, agricultural products such as soybeans, and small aircraft.
U.S. Federal Reserve chair Jerome Powell told an annual economic symposium in Jackson Hole, Wyoming that the U.S. economy is in a “favorable place” and the Federal Reserve will “act as appropriate” to keep the current economic expansion on track.”
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