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Oil prices experienced a sharp decline in the international market on Monday, forced down by the threat of a renewed US-China trade war. Brent crude oil futures plunged 2.1%, and were traded at $69.34 per barrel. U.S. West Texas Intermediate (WTI) crude futures dipped 2.4%, and were priced at $60.44 per barrel. US President Donald Trump yesterday tweeted that higher tariffs will be imposed on Chinese goods this week.