MTECHTIPS;-Oil Prices Fall Over Fears of Global Trade War

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MTECHTIPS;-Oil Prices Fall Over Fears of Global Trade War

MTECHTIPS-Oil prices fell Wednesday morning in Asia, pulled down by concerns that a trade war is on the horizon. Crude Oil WTI Futures for April delivery were trading at $62.11 a barrel in Asia at 1:45 pm ET, down 0.78%. Brent crude futures for May delivery, traded in London, were down 0.82% at $65.25 per barrel. The drop in prices followed a decline of more than 1 percent in S&P 500 Futures, triggered by the resignation of a key advocate for free trade in the U.S. Gary Cohn, economic adviser to U.S. President Donald Trump, said on Tuesday he was resigning, fueling growing concerns that Washington would go ahead with protectionist measures including the proposed import tariffs, which could risk a trade war. A global trade war could bring economic growth to a standstill, and by extension, drag down oil consumption. Major powers including the European Union and China have warned that if implemented, the new tariffs could lead to retaliatory action. Oil prices were also pulled down by weaker share markets as well as soaring U.S. crude oil production and rising inventories recently