Oil Slides in Wake of U.S.-China Tensions and Stimulus Doubts
- Trump’s attack on Chinese tech companies stokes concerns
- U.S. crude futures post the biggest decline in a week
Photographer: Daniel Acker/Bloomberg
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Oil fell in tandem with equities as concerns over renewed tensions between the U.S. and China and a murky outlook for further relief from Washington cast an economic pall.
Futures dropped 1.7% in New York on Friday, the biggest decline in a week. U.S. President Donald Trump’s latest attack on Chinese tech companies and new sanctions on Chinese officials further stoked tensions between the countries. Meanwhile, another round of negotiations with Democrats on a virus relief plan ended without any agreement, indicating a long road ahead for a demand recovery.