Economics
Oil Slumps to Worst Weekly Loss of Year as Trade Fears Linger
- WTI down 6.6% this week as U.S.-China trade war intensifies
- Prices regain some ground Friday on word of U.S. drilling lull
Photographer: Eddie Seal/Bloomberg
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Oil limped to its worst weekly loss of the year as tensions lingered over how the trade feud between the world’s top economic super powers will hit demand.
Futures in New York rebounded somewhat on Friday but still ended the week down 6.6%, the biggest decline since late December, after days of escalating rhetoric between China and the U.S. Chinese envoy Cui Tiankai said the Asian nation was committed to striking a deal on Friday but said it’s ready to apply countermeasures to American sanctions.