Crude oil prices drop 4% on China-US tensions, energy demand doubts
NEW YORK: Oil prices tumbled about 4 per cent on Friday on rising US-China tensions and doubts about how quickly fuel demand would recover from the coronavirus crisis.
Fuel demand plummeted as the coronavirus pandemic caused governments to impose restrictions on movement and businesses closed their doors.
Oil has rallied in recent days on as activity starts to resume, but prices dropped after China said on Friday it would not publish an annual growth target for the first time. The nation also pledged more government spending as the pandemic kept hammering the world’s second-biggest economy.
