Oil futures dived Friday morning after China announced it would impose retaliatory tariffs on $75 billion worth of imports from the U.S., including a levy on crude, amplifying concerns about the global economy and demand prospects for crude.
West Texas Intermediate crude for October delivery CLV19, -2.53% on the New York Mercantile Exchange — the U.S. benchmark — fell $1.64, or 3%, to trade at $53.71 a barrel, suffering the worst of the selloff after reports said China’s tariff list includes a 5% levy on imports of U.S. oil.
