Economics
Oil Posts Third Weekly Drop as Trump Issues New Trade Threats
- Trump tells CNBC he’s ‘ready to go’ to $500 billion on tariffs
- Price decline aided by Libya restoring halted production
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Oil posted a third weekly loss, as Saudi Arabia’s reassurances that it won’t flood the global crude market failed to offset a 4.2 percent price drop at the start of the week.
Futures pared gains in New York on Friday amid concern that escalating trade rows would undermine energy demand. President Donald Trump said that he’s “ready to go” with tariffs on $500 billion. He also accused China and the European Union of manipulating their currencies to keep interest rates low, causing the dollar to weaken.