WTI’s Worst Day In 4 And A Half Years
By Tsvetana Paraskova - Aug 02, 2019, 5:52 AM CDT
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The U.S. oil benchmark tumbled nearly 8 percent on Thursday in its biggest one-day drop in four and a half years after U.S. President Donald Trump rekindled fears of significant slowdown in economies and oil demand growth by announcing he would impose tariffs on US$300 billion worth of Chinese imports.
On Wednesday, WTI Crude traded at $58.58 a barrel at close, while on Thursday, the U.S. benchmark crashed by as much as 7.9 percent, or by $4.63 a barrel to close at $53.95. Oil prices took a heavy hit after President Trump said that the U.S.-China trade talks—after no-breakthrough negotiations this week —would continue in September, while the “U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country.”