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Oil falls sharply as China includes crude in retaliatory tariffs

August 23, 2019


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.

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