Oil prices fall as China unveils retaliatory tariffs against the US

Oil prices fell more than two per cent after China unveiled retaliatory tariffs against the U.S., marking another escalation of a protracted trade dispute between the world's two largest economies.
Brent crude futures fell $1.25 to $58.67 a barrel while U.S. West Texas Intermediate (WTI) crude futures fell $1.85 to $53.50 a barrel.
WTI was on track to fall 2.7 per cent for the week, while Brent was set to remain nearly unchanged.

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