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Oil prices dipped on Monday, stressed by a statement from US President indicating imposition of tariffs on more Chinese imports. Benchmark Brent crude dropped 0.8%, to $61.39 a barrel. US crude was traded 0.4% lower, at $55.42/barrel. President Trump last week said that the US will impose a 10% tariff on $300 billion worth of Chinese imports, which will rise if President Xi fails to quickly move towards a deal.