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China Retaliates Against US Tariffs, Global Oil Prices Plunge

Dwi Hadya Jayani 26/08/2019 11:05 WIB

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Global oil prices have continued to fall following China's imposition of retaliatory tariffs on US goods worth US$75 billion.

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China Retaliates Against US Tariffs, Global Oil Prices Plunge

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Global Oil Prices: Brent and WTI Crude

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Global oil prices have plummeted following China's imposition of retaliatory tariffs on US$75 billion worth of US imports. According to Reuters, China's Ministry of Commerce announced it would impose an additional 5% or 10% tariff on a total of 5,078 products originating from the US, including crude oil, agricultural products such as soybeans, and small aircraft. Trump responded by ordering US companies to close their operations in China and manufacture their products in the US.

Brent crude oil futures have been correcting since Thursday (August 22nd). On Monday (August 26th), Brent crude futures opened weaker at US$57.9 per barrel, down from US$59.34 per barrel. Meanwhile, West Texas Intermediate (WTI) crude oil futures have also been correcting since Wednesday (August 21st). However, on Monday (August 26th), this commodity opened slightly stronger at US$53.13 per barrel, up from US$53.12 per barrel.

(Read Databoks: What is the Price of Indonesian Crude Oil?)

Editor : Hari Widowati

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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China Retaliates Against US Tariffs, Global Oil Prices Plunge

China Retaliates Against US Tariffs, Global Oil Prices Plunge

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China Retaliates Against US Tariffs, Global Oil Prices Plunge

China Retaliates Against US Tariffs, Global Oil Prices Plunge

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