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Oil Hits One-Week Low as Trump Tweet Fuels Market ‘Bloodbath’

China, U.S. struggle to agree on schedule for discussions
U.S. manufacturing unexpectedly shrinks to lowest since 2016

A woman seeks cover from blowing sand and rain whipped up by Hurricane Dorian in Cocoa Beach, Florida on Sept. 2. — A woman seeks cover from blowing sand and rain whipped up by Hurricane Dorian in Cocoa Beach, Florida on Sept. 2.
Photographer: Scott Olson/Getty Images

By

Alex Nussbaum and

September 2, 2019, 10:33 PM UTCUpdated onSeptember 3, 2019, 7:24 PM UTC

Oil slid to the lowest in a week amid U.S. President Donald Trump’s dire trade warning to China and a surprise cutback in American manufacturing.

Futures fell 2.1% in New York on Tuesday. Trump tweeted that China will have a much tougher time securing a trade deal if the Asian nation waits until after the 2020 U.S. presidential election and he wins. Crude also was undermined by plunging gasoline futures as Hurricane Dorian threatened the U.S. East Coast and prompted evacuation orders from Florida to the Carolinas.