Economics
Crude Dives Lower as Trump Predicts `Pain' in China Dispute
- WTI crude posts biggest weekly decline in two months
- Hedge funds reduce net-bullish bets on Brent crude oil
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Crude posted its worst week in two months as escalating trade tensions between the world’s foremost economies threatens growth that drives energy demand.
Futures tumbled 2.3 percent in New York on Friday, pushing the weekly loss to 4.4 percent. In the latest salvo between U.S. and Chinese leaders, President Donald Trump told a New York radio program that Americans may have to endure “a little pain” if the dispute turns into an all-out trade war. China vowed to “retaliate immediately” if Trump broadens his tariff list.