Oil prices slump after Trump's tariff threats against China
Updated : May 06, 2019 02:05 PM IST
US West Texas Intermediate (WTI) crude futures were at $60.57 per barrel at 0646 GMT on Monday, down $1.37 per barrel, or 2.2 percent, from their last settlement.
Brent crude oil futures fell below $70 per barrel, trading at $69.34 per barrel, down $1.51, or 2.1 percent, from their last close.
Within the oil industry, there are signs of a further rise in output from the United States, where crude production has already surged by more than 2 million barrels per day (bpd) since early 2018, to a record 12.3 million bpd.