Oil Retreats After Sharp Rally as US-China Trade War Escalates

OIL PRICE - LONDON. Oil prices retreated by more than 3% on Thursday as fears of a deepening U.S.-China trade war and a possible recession eclipsed earlier relief created by President Donald Trump's announcement of a 90-day pause on some tariffs against most countries.

Brent futures fell $2.27, or 3.5%, to $63.21 a barrel by 1317 GMT. U.S. West Texas Intermediate crude futures dropped $2.26, or 3.6%, to $60.09.