Oil prices fell on Friday after China unveiled retaliatory tariffs against about...
NEW YORK - Oil prices fell on Friday after China unveiled retaliatory tariffs against about $75 billion worth of U.S. goods including crude oil, another escalation of a protracted trade dispute between the world’s two largest economies.
In retaliation, U.S. President Donald Trump said he was ordering U.S. companies to look at ways to close operations in China and make products in the United States. The U.S. economy is in a “favorable place” and the Federal Reserve will “act as appropriate” to keep the current economic expansion on track, Powell said.
“Some have blamed the hesitant tone on an end-of-summer lull. Yet, in truth, the sense of unease stems from ongoing worries about the global economy,” said Stephen Brennock of oil broker PVM. U.S. energy firms this week cut the most oil rigs in about four months, with the rig count falling to the lowest since January 2018, as producers cut spending on new drilling and completions.
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