Oil Prices Decline

Oil prices tumbled this morning for a second session amid concerns that fuel demand could fall after U.S. President Donald Trump doused recent optimism over China-U.S. trade talks and reignited concerns about global economic growth.

Now, oil trades at $ 56.53, which is a loss of $0.23 or 0.40% from the previous close of $ 56.76.

The daily range is from $56.46 to $57.02, while the trading volume is 49.995K.

President Trump criticized China's trade practices at the United National General Assembly yesterday, which created in some pressures on the market.

In reality, China is the world's largest oil importer and second-largest oil demander.

Trump stated the following “Not only has China declined to adopt promised reforms, it has embraced an economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, technology transfers and the theft of intellectual property and also trade secrets on a grand scale.”