Oil falls amid new round of tariffs in U.S.-China trade war

Oil prices fell on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude, Trend reports citing Reuters.

Brent crude was down 42 cents, or 0.7%, at $58.83 a barrel by 0041 GMT, while U.S. oil was down 27 cents, or 0.5%, at $54.83 at barrel.

The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - as China put new duties on U.S. crude, the latest escalation in a bruising trade war.

U.S. President Donald Trump said the sides would still meet for talks later this month.

Trump, writing on Twitter, said his goal was to reduce U.S. reliance on China and he again urged American companies to find alternate suppliers outside China.