International oil prices slip as trade spat escalates; U.S. crude stock drop supports

 

 

International oil prices slipped on Thursday, weighed down by the escalating trade dispute between the United States and China, although a decline in U.S. commercial crude inventories offered some support.

International benchmark Brent crude oil futures (LCOc1) were at $74.63 per barrel at 0422 GMT, down 18 cents, or 0.2 percent, from their last close.

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The United States and China escalated their acrimonious trade war on Thursday, implementing punitive 25 percent tariffs on $16 billion worth of the other’s goods. Washington is holding hearings this week on a proposed list of an additional $200 billion worth of Chinese imports to face duties.

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