Oil Tumbles More Than A Percent

WTI Crude oil futures sustained further losses amid weak global equities as worries over an impending trade war between China and India hurt the sentiments. Crude prices have witnessed heavy correction after breaking under the key $ 70 per barrel as a slide from four year highs has been extended following the correction in equities and worries posed by rising US crude oil output. The commodity is currently trading at $ 64.91 per barrel, down 1.20% on the day. MCX Crude oil futures also slipped after gaining in last session and currently quote at Rs 4436 per barrel, down 1% on the day.

Global markets fell yesterday after US planned tariffs on $ 50 billion worth of Chinese imports. As China prepared to retaliate against this, US President Donalp Trump asked US trade representative Robert Lighthizer Monday to identify $ 200 billion more in Chinese products that could be subject to tariffs of 10%, according to media reports. This hurt the sentiments in global equities further today. Stocks in China and Hong Kong plummeted 3.80% and 2.80% respectively while Japanese equities fell 1.80%. European stocks suffered similar fate with German market correcting 1.4% while the French equities shed 1.20%.