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Oil Weakens as Uncertainty Over U.S.-China Trade Talks Hits

  • China imposes tariffs on American crude for the first time
  • Trump said Beijing requested to “get back to the table”
Bloomberg business news
U.S.-China Oil Tariffs a 'Case of Self-Harm," BofA's Blanch Says
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Crude settled lower Monday amid conflicting signals about the prospect for a thaw in U.S.-China trade relations.

Futures in New York sank to the lowest level in more than two weeks after earlier rising as much as 2%. At the G-7 Summit in France, U.S. President Donald Trump said Beijing requested to “get back to the table,” a hopeful comment that saw oil prices rise. But an influential Chinese media executive quickly downplayed the significance of that outreach.