Brent crude prices fell on Tuesday, weighed down by continued weakness in global equity markets and signs of rising global supply despite sanctions on Iran's oil exports. Brent crude futures were $77.18 a barrel, up 0.2%, while West Texas crude was $67.20 a barrel.
This comes after the decline in global stocks affected by the announcement by US President Trump earlier this week of plans to allocate an additional tariff of 257 billion dollars on Chinese goods if the talks failed. The International Energy Agency (IEA) chief executive said on Tuesday that continued high global oil prices would harm consumers and demand.
