Commodities
Oil Retreats as IEA Says Trade War Poses Risks to Global Demand
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Oil fell as signs that US President Donald Trump’s escalating trade war may hamper economic growth contributed to a bearish outlook for global demand.
West Texas Intermediate slid 1.7% to settle below $67 a barrel, following a 2.2% jump on Wednesday that was its biggest gain in almost two weeks. Global oil supply is likely to exceed demand by about 600,000 barrels a day this year as tariffs weaken macroeconomic conditions, the International Energy Agency said. US equities also dropped on uncertainty about the effects of the trade war.