LONDON: The price of a barrel of Brent crude oil fell below $60 a barrel on Wednesday for the first time in four months, weighed down by abundant US crude inventories.
The delivery price for a barrel of Brent crude slipped $2.24 to trade at $59.73 at 15:45 GMT.
Meanwhile, the International Monetary Fund warned that the global economy is at a “delicate juncture” which will require central banks to maintain stimulus and governments to resolve trade disputes quickly.
“The immediate priority is to resolve the current trade tensions,” IMF chief Christine Lagarde urged in a blog post aimed at the Group of 20 finance ministers and central bankers as they prepare for a meeting in Japan next week.
She said the exchange of tariffs between the United States and China will put the brakes on growth in both countries and cut a few points off global growth as well.
“These are self-inflicted wounds that must be avoided,” she said. “How? By removing the recently implemented trade barriers and by avoiding further barriers in whatever form.”
The finance officials are meeting just weeks after US-China talks collapsed amid accusations of broken promises and another exchange of punishing tariffs. President Donald Trump has threatened to extend the tariffs to
all Chinese imports. — Agencies
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