Oil Is Drawn Into Trade-War Turmoil as Price Tumbles Toward $60 - Bloomberg

Oil Is Drawn Into Trade-War Turmoil as Price Tumbles Toward $60 - Bloomberg:

Oil tumbled toward $60 a barrel, joining a slide in global equity markets as President Donald Trump’s latest tariff threats raised the stakes in the U.S.-China trade war.

Futures in New York fell as much as 2.6 percent on Tuesday, as investors fretted about the potential damage to the global economy. Even as negotiators planned a new round of talks in Washington, Trump threatened to raise levies on Chinese goods on Friday and the Chinese were said to be planning retaliatory measures of their own.

“There are concerns about the broad economic environment," said Michael Tran, a commodity strategist at RBC Capital Markets LLC in New York. “Clearly the biggest risk to the oil market right now is the Trump factor coupled with macro headwinds."