Oil prices are falling due to trade disputes between Washington and Beijing

According to Reuters, oil prices fell after the start of new tariffs imposed by the United States and China, raising fears that this will adversely affect the global growth and reduce the demand for oil.

 Brent crude fell to $ 58.83 a barrel and US West Texas Intermediate fell to $ 54.83 a barrel.


 The administration of US President Donald Trump has begun to impose a 15% tariff on Chinese imports worth more than $125 billion, including smartphones, Bluetooth headsets and many kinds of shoes.


In response, China has begun to impose duties on some US goods on a $75 billion target list.

  The Organization of the Petroleum Exporting Countries (OPEC) output rose in August 2019 for the first month of this year as increased production from Iraq and Nigeria overcame restrictions imposed by Saudi Arabia and oil losses caused by US sanctions on Iran.