U.S. Markets open in 5 hrs 11 mins

Oil Holds Biggest Weekly Drop Since July as U.S., China Meet

Serene Cheong
1 / 2

Oil Holds Biggest Weekly Drop Since July as U.S., China Meet

(Bloomberg) -- Oil held its biggest weekly decline since July ahead of U.S.-China trade talks, as a string of disappointing data sparks fears of an economic slowdown.

The New York-traded futures were 0.2% lower Monday, after falling 5.5% last week. Chinese officials are signaling they’re increasingly reluctant to agree to a broad trade deal pursued by President Donald Trump. Last week, a key measure of American service-industry activity dropped to the lowest in three years, while an employment gauge registered its weakest reading in more than five years.

To contact the reporter on this story: Serene Cheong in Singapore at scheong20@bloomberg.net

To contact the editors responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net, Aaron Clark

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.