Oil Slides as Latest China Tariffs Reignite Demand Fears

Oil prices fell Friday after China said it would impose tariffs on $75 billion worth of additional U.S. products including crude imports, the latest protectionist trade policy that could crimp fuel consumption.

U.S. crude futures fell 2.1% to $54.18 a barrel on the New York Mercantile Exchange following the announcement, the newest salvo in the U.S.-China trade spat that has swung markets in recent months. Oil is about 18% below its April peak with analysts wary that softening demand and steady supply will result in a glut.

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