Oil Suffers Worst Day of 2019 as Trade Turmoil Swamps Confidence
- Chinese assail U.S. sanctions; American senators seek tech ban
- ‘Entrenched trade war’ will hurt demand, Tyche Capital says
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Oil spiraled to its worst daily performance of the year as mounting trade tensions between the world’s biggest economies sent investors fleeing from risky assets.
Futures in New York fell almost 6% on Thursday for the steepest decline since Dec. 24. Equity markets also slumped, with six of every seven companies in the S&P 500 Index dropping after China assailed American sanctions and U.S. lawmakers proposed a ban on Chinese 5G technology.