Oil costs plunge to January low as trade war dents demand

Oil costs plunge to January low as trade war dents demand

Global oil costs hit their lowest level since January on Tuesday as demand was dented by the effects of the US-China trade war, according to market analysts.

The cost of a barrel of Brent crude has tumbled almost 20% in the past month – with the rate of the decline accelerating late last week as China prepared to implement its response to the latest US tariff increases.

It hit a low of $60.21 amid growing evidence the world economy was feeling the effects of the spat between the globe’s two largest economies. It represented a fall of more than 1.5% on the day, but climbed back briefly to $61.82 or 0.88%, by close of London markets.

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