Oil falls after Trump threatens to escalate trade war

Oil falls after Libya ports reopen, Trump tariff threat

A further escalation of trade disputes could depress demand for oil from China and elsewhere. USA crude was down 43 cents, or 0.6 percent, at $73.68.

Global oil benchmark Brent fell more than $2 a barrel on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals.

Brent crude LCOc1 fell $5.46, or 6.9 percent, to settle at $73.40 a barrel. Higher gas prices can leave US households with less money to spend on other products.

Washington yesterday threatened to impose new tariffs on another United States dollars 200 billion in Chinese goods and Beijing vowed to retaliate.

Lower oil prices are particularly important to US consumers in the summer months when driving reaches its heaviest.

Crude oil prices also fell as the USA dollar rose on Wednesday's surprisingly strong US inflation report, which increased prospects that the Federal Reserve will raise interest rates twice more this year.

"Although there is a long deadline on this, if these tariffs are introduced there will be an impact on global growth and demand", McCarthy said.

75 percent of EU-imported ivory is illegal
Savannah elephants have likewise been hard hit in some strongholds, with losses of 60% in Tanzania alone in the past five years. Avaaz's report said: "This is an EU-wide problem - high levels of illegal ivory were found in nearly every country tested".

Libyan oil production fell to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February following the port closures, the NOC said on Monday.

"Libyan relief changes the conversation about spare capacity", said John Kilduff, a partner at Again Capital Management. "That's while Saudi Arabia told OPEC it pumped about 10.5 million barrels of crude a day last month as the kingdom sought to cap rallying prices by ramping up output, according to people familiar with the matter", writes Bloomberg.

However, oil prices have been volatile in recent weeks after the U.S. said it would reinstate sanctions against Iran, a major producer.

Washington had previously said countries must halt all imports of Iranian oil from November 4 or face USA financial restrictions, with no exemptions.

Due to higher US oil production, however, higher prices are not necessarily a net loss for the USA economy.

The falls came despite a United States government report that American crude oil stockpiles fell by more than 12 million barrels last week and are about 4% lower than average for this time of year.

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