Oil dips as trade talks drag, China’s economy shows weakness GlobeBusiness
Oil prices fell on Thursday, as U.S.-China trade tensions persisted, the Chinese economy showed signs of slowing and record U.S. production undermined OPEC-led output curbs.
Factory activity in China, the world’s biggest oil importer, shrank for a third month in February as export orders fell at the fastest pace since the financial crisis a decade ago.“Further evidence of a slowdown in China hit risk sentiment,” said Jasper Lawler, head of research at futures brokerage London Capital Group.
Lighthizer said issues with China were “too serious” to be resolved with promises from Beijing to purchase more U.S. goods and any deal needed to include a way to ensure commitments were met. Supply cuts by the Organization of the Petroleum Exporting Countries and its allies, such as Russia, a group known as OPEC+, have offered some support since January.
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