MTECHTIPS:- Oil moves lower on Trump’s latest China trade threats

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MTECHTIPS:- Oil moves lower on Trump’s latest China trade threats

MTECHTIPS-Oil prices fell on Friday after U.S. President Donald Trump’s threat of new tariffs on China reignited fears of a trade war between the world’s two biggest economies. President Trump said on Thursday he had ordered U.S. trade officials to consider tariffs on $100 billion more of imports from China, escalating tensions with Beijing. Brent crude for June delivery was down 36 cents, or 0.53 percent, at $67.97 per barrel at 0807 GMT. U.S. West Texas Intermediate crude for May delivery was down 35 cents, or 0.55 percent, at 63.19 a barrel. Both are headed for their biggest weekly fall since early March. “It is obvious that this stand-off between the United States (and) China is quite serious and navigating these waters will be tricky for traders,” JBC said in a note. “Any meaningful change to the perception regarding future trade issues will most likely trump the potential effects of short-term variations to oil fundamentals.” But some oil market watchers do not expect to see steep falls because of signs of tightening supplies

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