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10/8, 4:06 PM (Source: TeleTrader)
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Oil drops 1% amid US-China trade worries

Crude prices dropped 1% on Tuesday on worries the upcoming trade negotiations between the United States and China will not produce any results. Trade tensions between the world's two largest economies rose after Washington blacklisted eight more Chinese companies and Beijing vowed to retaliate.

The losses were somewhat offset by production disruptions in Iraq and Ecuador as a result of anti-government protests in the two countries.

International benchmark Brent for settlements in December fell 0.94% to go for $57.80 per barrel at 9:54 am ET and West Texas Intermediate (WTI) for November delivery slid 1.27% to sell for $52.09 per barrel at the same time.

Breaking the News / NP