Oil approaches $80 as markets spooked by new U.S. tariffs against China
European share markets followed Asian counterparts lower on Monday as investors took fright at news Washington was set to announce a new round of tariffs on Chinese goods.
Oil prices rebounded as supply concerns outweighed assurances from Washington that Saudi Arabia, Russia and the United States can raise output fast enough to offset falling supplies from Iran and elsewhere. Brent crude oil futures rose to 78.29 dollars a barrel.
U.S. President Donald Trump’s expected announcement of new tariffs on 200 billion dollars in Chinese goods drew an immediate threat of reprisals from Beijing. The month-long trade conflict between the world’s two largest economies has rattled investors who fear an escalation will eventually buffet global growth.