Oil extends losses as Brent falls below $59

Oil prices fell today on global demand concerns as the US-China trade war escalated again, ahead of US drilling activities data.

Baker Hughes will announce today the US oil and natural gas rigs count for the week.

Oil fell under pressure after The Chinese government plans to impose a 10% tariff increase on US imports worth $75 billion.

While President Trump responded by ordering US companies to prepare for an alternative to China amid the escalation of the trade war.

By 16:17 GMT, WTI fell by 2.8% to $53.8 a barrel, with a high of $55.6, and a low of $53.4.

Brent fell to $58.7 a barrel from the opening of $60.11, with a high of $60.2, and a low of $58.3.