Oil Slumps Near $64 as OPEC Clash Looms and Trade War Escalates - Bloomberg

Oil Slumps Near $64 as OPEC Clash Looms and Trade War Escalates - Bloomberg:

"Oil fell near $64 a barrel as Saudi Arabia and Russia prepared for a clash with allied crude producers over whether to lift output and as China and the U.S. exchanged threats over trade. Futures in New York dropped as much as 2.3 percent, on course for the lowest close since April 9 after a 2.7 percent decline Friday. Iran says Venezuela and Iraq will join in blocking a proposal to increase production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week. China said it would impose tariffs on a variety of U.S. goods, including crude and gasoline, in response to President Donald Trump’s $50 billion levy on Chinese imports. Crude has dropped more than 10 percent from its high in May amid signs Saudi Arabia and Russia are seeking to lift output curbs that have eliminated a global surplus and boosted prices. Meanwhile, traders are trying to digest the impact from both the U.S. and China issuing tariffs on goods and the threat of a broader trade war between the world’s two largest economies. "



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