Global Slowdown Concerns Affect Oil Prices – 3 September, 2019

U.S. crude futures are down 2% on ongoing concerns over the U.S.- China trade dispute and a weakening global economy. U.S. West Texas Intermediate crude futures slipped 2.1% or $1.16 to a one month low of $52.84 before settling at $53.94. International Brent crude futures shed 0.7% or 40 cents to a one month low of $57.23 before settling at $58.26. Data showing August U.S. manufacturing data contracted for the first time in three years also affected prices. 15% tariffs imposed on China went into affect on Sunday, with President Donald Trump saying negotiations between the worlds two largest economies were going well.