MTECHTIPS:- Oil Prices Fall On Trump Threats Of New China Tariffs

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MTECHTIPS:- Oil Prices Fall On Trump Threats Of New China Tariffs

MTECHTIPS-Oil prices fell on Friday morning in Asia after U.S. President Donald Trump threatened to impose new tariffs on China, fueling fears of a trade war between the world’s two biggest economies. Crude Oil WTI Futures for May delivery were trading at $63.20 a barrel in Asia at 11:30 PM ET (03:30 GMT), down 0.54%. Brent Oil Futures for June delivery, traded in London, were down 0.44% at $68.03 per barrel. President Trump said on Thursday he had ordered U.S. trade officials to consider an additional $100 billion in tariffs on China, escalating tensions with China, which has increased tariffs by up to 25% on 128 U.S. products. China is also taking its first steps towards paying for imported crude oil in yuan instead of the U.S. dollar. A pilot program for yuan payment could be launched as early as the second half of this year. As the biggest importer of crude oil and the world’s largest energy consumer, China’s oil demand is a key determinant of global oil prices

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