SMM News: crude oil futures prices closed sharply lower on Thursday. U. S. President Donald Trump's remarks on trade relations have raised concerns about the risk of a global economic slowdown.
West Texas Intermediate crude (WTI) futures for September delivery fell $4.63, or 7.9%, to close at $53.95 a barrel on the New York Mercantile Exchange, the lowest close in six weeks. This is the biggest one-day decline in the main WTI futures in four years.
London Brent crude, the benchmark for international crude prices, fell more than 6 per cent to close at $60.67 a barrel, its biggest one-day drop since February 2016.
John Kilduff, founding partner of Again Capital, said: "crude oil has become the hardest hit asset as international trade relations have become strained, and it has been particularly hard hit today. Even before Trump spoke, the crude oil market was struggling today. "
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