Futures in New York traded below $63 a barrel after dropping 4.4% last week. While US President Donald Trump on Sunday predicted China will be first to buckle as the world’s two largest economies teeter on the brink of a trade war, China’s leader may shed some light on his plans at the Boao Forum for Asia on Tuesday. Money managers, in the meantime, slashed bets on rising West Texas Intermediate crude by the most since August, while short-selling surged.
Oil is losing steam after rising more than 5% last month as Trump repeatedly raised the stakes against China, rattling markets in recent weeks. Along with other risky assets, oil took a blow on concern the escalating tension will threaten growth that drives energy demand amid record US output, hindering efforts of the Organization of Petroleum Exporting Countries (Opec) and its allies to curb a global glut and prop up prices. Read More
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