Crude Posts Sixth Weekly Drop as Trade War Threatens Demand
- New York futures haven’t slumped for this long since 2015
- Hedge funds cut ICE Brent longs to lowest in more than a year
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Crude posted the longest stretch of weekly declines since 2015 as international trade tensions threatened energy demand in the face of flourishing oil production by the world’s biggest suppliers.
Futures advanced 1.2 percent in New York on Friday, paring a sixth straight weekly loss. The U.S. and China are threatening to erect tariff walls against almost half a trillion dollars in goods collectively, raising fears about weakening economic growth.