Oil Retreats as Chinese Tariffs Escalate Trade Battle With U.S.

Futures in New York fell 1%, joining a rout for equity markets. China announced higher tariffs on a range of American goods Monday, responding to new levies promised by the Trump administration after talks ended on Friday without a deal. West Texas Intermediate for June delivery sank 62 cents to $61.04 on the New York Mercantile Exchange at the close of trading, after earlier rising 2.7%.