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The Trade War Is Dropping Oil Prices Again

BAGHDAD, Oil prices fell on Monday on the backdrop of the entry into force of new tariffs imposed by China and the United States on their goods, which came into effect from Sunday.

Brent crude fell 42 cents, or 0.7 percent, to $ 58.83 a barrel at 0041 GMT, the Reuters news agency reported.

This comes as a survey showed that the production of the Organization of Petroleum Exporting Countries (OPEC) rose in August for the first month of this year as the increase in production from Iraq and Nigeria over the restrictions imposed by Saudi Arabia and oil losses caused by US sanctions on Iran.

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

In response, China has begun to impose tariff on some US goods worth a $ 75 billion, and Trump said the two sides would meet for talks this month.

Source: National Iraqi News Agency

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