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Oil Holds Biggest Weekly Drop Since July as U.S., China Meet

  • Top U.S., China officials meet for trade talks this week
  • Slew of disappointing economic data fueling recession fears
sudan oil
Photographer: Trevor Snapp/Bloomberg
Updated on

Oil held its biggest weekly decline since July ahead of U.S.-China trade talks, as a string of disappointing data sparks fears of an economic slowdown.

The New York-traded futures were 0.2% lower Monday, after falling 5.5% last week. Chinese officials are signaling they’re increasingly reluctant to agree to a broad trade deal pursued by President Donald Trump. Last week, a key measure of American service-industry activity dropped to the lowest in three years, while an employment gauge registered its weakest reading in more than five years.