Oil dives on China’s tariffs on US goods – Lowest in 3 years

Oil prices plunged to settle at their lowest in three years as China ramped up tariffs on U.S. goods, escalating a trade war that has led investors to price in a higher probability of recession. China, the world’s top oil importer, announced it will impose additional tariffs of 34% on all U.S. goods.

The Oil-Dollar pair plummeted 6.9% in the last session. The Ultimate Oscillator’s is giving a negative signal.
Support: 53.115 | Resistance: 72.016