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Oil prices are on track for their largest monthly decline in six months, the online trade journal oilprice.com writes.
The Trump administration exacerbated the selloff with another threat of tariffs, this time against its southern neighbor Mexico if it does not stem the flow of immigrants across the border. President Donald Trump threatened to apply a gradually rising tariff, starting at 5%, on goods imported from Mexico beginning June 10.
The threat was seen by investors as a negative move for both U.S. and wider region growth. The move