Oil in longest losing run in five weeks as US-China trade war deepens

Oil had rallied by more than 10 per cent from a low in early August, as relations between the US and China appeared to be improving, before it started falling last Wednesday

Oil fell for a fourth day, set for the longest run of declines in more than five weeks, after the latest escalation in the trade war blindsided investors and worsened an already-shaky global demand outlook.

Futures in New York dropped as much as 2.2 per cent after closing down 2.1 per cent on Friday as Beijing said it would impose retaliatory tariffs on another $75 billion of US goods, including oil for the first time. President Donald Trump later responded with additional tariff increases on Chinese goods, and also called for American companies to pull out of Asia’s largest economy.

The deepening