9/3/2019, 3:56 PM (Source: TeleTrader)
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Brent at 25-day low on Trump's threats to China

Crude fell on Tuesday after United States President Donald Trump sharpened his rhetoric regarding the trade war with China and slammed "Germany, and so many other countries" for negative interest rates but also the domestic central bank over its policy. The benchmark contract for Brent nosedived to $57.23, a level last seen on August 9.

He threatened to make the conditions for a deal with the most populous country stricter if he gets reelected next year and brushed off the possibility of cooperating with the European Union "and others" against the government in Beijing. Trump claimed "China's supply chain will crumble" and that the world's second-largest economy would suffer. Spot prices of precious metals mostly dropped.

West Texas Intermediate oil for settlement in October slumped 2.99% to $53.2 per barrel at 3:44 pm CET. Earlier it hit $53.04, an eight-day low, near the weakest point in 25 days. Brent for November delivery traded 2.03% in the hole at $57.47 for one barrel.

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