Oil Dips as U.S.-China Trade Worries Outweigh Supply Disruptions
- Trump says China ‘broke the deal’ before trade talks resume
- Brent futures technical indicator points to potential rebound
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Crude slid as a trade spat between the U.S. and China overshadowed concerns over global supply disruptions.
Futures in New York fell 0.7%. Just as the U.S. and China prepare for talks in Washington, President Donald Trump said that China’s leaders “broke the deal” he was negotiating with them on trade. Beijing has warned it will retaliate if he follows through on a plan to raise tariffs. Meanwhile, Iran’s oil shipments tumbled this month with not a single ship seen leaving the nation’s oil terminals for foreign ports.