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Sino-US trade worries exacerbate the sharp drop in crude oil prices
On August 1, the US WTI crude oil futures market fell sharply to $53.95 per barrel, or $4.63, while Brent crude oil futures fell sharply to $60.50 per barrel, or $4.55, due to the renewed deadlock in the Sino-US trade war negotiations and interest rate cuts by the Federal Reserve. U.S. crude oil futures plunged 7%, the lowest closing price in six weeks. Brent crude oil futures fell more than 6%, the lowest closing price in seven weeks, and the biggest one-day decline since February 2016.
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