Oil resumed declines as an intensification of trade hostilities between the US and China stoked fears of slowing global growth, overshadowing analyst’s forecasts for a drop in American crude inventories.
Futures in New York lost as much as 1.2% after rallying 2.1% since the close on Thursday. Chinese media suggested the nation could restrict rare earth exports to the US after Beijing on Tuesday accused the US of violating World Trade Organization (WTO) rules to blacklist Huawei Technologies Co. American crude inventories are forecast to have fallen last week, following two weeks of gains, according to the median estimate in a Bloomberg survey.
