Oil prices fall on rising supply, global market woes
Updated : October 30, 2018 08:19:21 IST
Front-month Brent crude oil futures were at $76.78 a barrel at 0040 GMT, down 56 cents, or 0.8 percent, from their last close.
Oil has been caught up by broad financial market slumps this month, with stocks falling again on Monday after reports the US is planning an additional $257 billion worth of tariffs on Chinese goods if upcoming talks between Presidents Donald Trump and Xi Jinping fail to end a trade war between the world’s two largest economies.
Iran’s seaborne crude exports, by contrast, have fallen from a 2018-peak of just over 2.5 million bpd in May to around 1.5 million bpd in September and October.