Oil Heads for a Fourth Weekly Drop on Trade War Fears
- Talks of trade war continue to dominate worries over growth
- Concerns over Saudi halting oil shipments may be shortlived
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Oil is poised for a fourth weekly decline as the unexpected halt in Saudi shipments via a Red Sea waterway was seen as short-lived, while concerns lingered over how the U.S.-China trade spat will affect demand.
Futures are headed for a 1.2 percent decline this week. Trade concerns continue to cloud investor sentiment after the world’s top finance chiefs warned that the escalating tensions threatened global growth. Meanwhile, Saudi Arabia temporarily halted oil shipments via the Bab el-Mandeb Strait, a key shipping lane for crude at the southern tip of the Red Sea, after it said two tankers were attacked by Yemen’s Houthi militia.