Oil set for biggest weekly drop of the year as US, China trade war bites
Oil headed for its biggest weekly drop since December as the rapidly escalating trade war caused investors to reassess the outlook for global growth, drowning out concern over multiple supply risks.
Futures in New York rose as much as 0.9% Friday after plunging 5.7% the day before. Crude is being caught up in a stampede out of riskier assets driven by the White House’s blacklisting of Huawei Technologies Co. and several Chinese surveillance companies, moves that have been met with defiance by Beijing. A surprise jump in American oil stockpiles has also weighed on prices this week.
