Tuesday 3 September 2019 3:12 pm

Oil prices tumble on higher Opec output and slower Korean growth

Oil prices tumbled today as more symptoms emerged showing the impact of US President Donald Trump’s trade war with China.

Brent crude dropped as much as two per cent in the mid afternoon, and was selling for $57.45 per barrel at the time of writing.

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Meanwhile, US standard WTI fell nearly 3.5 per cent.

Pressure was put on the price of oil contracts around the world after oil-producing cartel Opec, increased its production.

Higher output in Iraq and Nigeria offset the Saudi Arabian production, pushing up Opec exports in August.

Last year, Opec’s members agreed to cut output by 1.2m barrels per day from the beginning of January in a bid to control falling prices.

Read more: BP and Glencore struggling to offload contaminated Russian oil

The price was today also impacted as South Korea revised down its second-quarter growth. Exports were lower than expected, the country said, as the trade war between the US and China bit.

On Sunday Argentina applied capital controls to its economy, raising questions about the emerging markets.