Singapore: Oil dropped as flaring trade tensions between the world’s two biggest economies overshadowed concerns over supply disruptions from Iran to Venezuela.
Futures in New York fell as much as 1.1% as US President Donald Trump escalated his rhetoric against China, saying the Asian nation “broke the deal” he was negotiating with it. Beijing has warned it will retaliate if he follows through on a plan to raise tariffs. Crude is retreating after gaining 1.2% on Wednesday following a surprise drop in American inventories and Iran’s threat to abandon a 2015 nuclear accord in response to Washington’s sanctions.
All that is raising uncertainty in the market, with unexpected disruptions due to turmoil in OPEC members such as Venezuela, Nigeria and Libya keeping investors on edge.
