Oil falls on spiralling U.S.-China trade dispute, rising output

Oil prices fell nearly one percent on Tuesday as an escalating trade dispute between the United States and China triggered sharp selloffs in many global markets.

Crude was also weighed down by expectations that producer cartel OPEC and key ally Russia will gradually increase output

The United States and China are threatening punitive tariffs on each other's exports, which could include oil supplies, putting pressure on shares markets.

Brent crude futures were at $74.69 per barrel at 0646 GMT, down 65 cents, or 0.9 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $65.24 a barrel, down 61 cents, or 0.9 percent.

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