Oil prices dropped on Tuesday amid concerns over a slowdown in business activity and its impact on fuel demand due to escalating trade tensions between the United States and the European Union, the major consumers of crude oil.
Brent crude futures fell by 52 cents, or 0.75%, to $68.69 a barrel, while West Texas Intermediate crude was priced at $66.69 a barrel, declining by 51 cents, or 0.76%.
The August contract for West Texas Intermediate crude expires today, while the more actively traded September contract decreased by 54 cents, or 0.82%, to $65.41 a barrel.
The United States threatened to impose a 30% tariff on European Union imports starting August 1 if an agreement isn’t reached.
