Oil Posts Third Weekly Drop as Trump Issues New Trade Threats - Bloomberg

Oil Posts Third Weekly Drop as Trump Issues New Trade Threats - Bloomberg:

Oil posted a third weekly loss, as Saudi Arabia’s reassurances that it won’t flood the global crude market failed to offset a 4.2 percent price drop at the start of the week.

Futures pared gains in New York on Friday amid concern that escalating trade rows would undermine energy demand. President Donald Trump said that he’s “ready to go” with tariffs on $500 billion. He also accused China and the European Union of manipulating their currencies to keep interest rates low, causing the dollar to weaken.

Crude had risen earlier after Saudi Arabia, under pressure from Trump to lower prices by pumping more, said they will keep exports steady this month and reduce them by 100,000 barrels a day in August.