The Globe and Mail reports in its Tuesday, Aug. 6, edition that global oil benchmark Brent futures fell more than 3 per cent on Monday on global growth concerns after President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world's two biggest buyers. A Reuters dispatch to The Globe reports that
Brent crude fell $2.08 or 3.36 per cent to settle at $59.81 a barrel (all figures U.S.).
West Texas Intermediate (WTI) crude futures fell 97 cents or 1.74 per cent to settle at $54.69 a barrel, finding some support from a draw in inventories at the Cushing, Okla., storage hub and delivery hub for WTI.
Stocks at Cushing fell nearly 2.4 million barrels in the week to Aug. 2, traders said, citing data from market intelligence firm Genscape. WTI's discount to Brent narrowed to $5.15 a barrel, its narrowest since July, 2018.
Both crude benchmarks plummeted by more than 7 per cent last Thursday to their lowest level in about seven weeks after Mr. Trump's announcement, before recovering somewhat to leave Brent down 2.5 per cent on the week and U.S. crude 1 per cent lower.
China on Friday vowed to fight back against Mr. Trump's decision.
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