Oil plunged after the Trump administration moved to intensify a tit-for-tat trade war with China, inflaming concerns about the trajectory of global demand growth.
West Texas Intermediate futures fell to trade near $60 a barrel, wiping out earlier gains. US President Donald Trump is planning to proceed with implementing tariffs that would amount to 104% on many Chinese goods just after midnight, according to a White House official.
That would mark another significant escalation in the actions against China, a major crude-importing economy. Beijing had responded earlier by saying it's prepared to “fight to the end” via retaliatory trade measures.
Crude prices have tumbled in the past week as equity, commodity and energy markets are being knocked back by the trade concerns.
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