Oil Steadies After Selloff on Concerns of U.S.-China Trade Clash

Futures added 0.7 percent in New York after losing 3 percent on Monday. China imposed retaliatory tariffs on U.S. goods valued at about $3 billion, the latest move in a trade dispute between the world’s largest economies that’s spurring investors to shy away from riskier assets. Meanwhile, American crude stockpiles are forecast to have risen for the fifth time in six weeks.

Yuan-denominated oil futures on the Shanghai International Energy Exchange lost 2.8 percent to 405.5 yuan a barrel. The September delivery contract closed 0.9 percent lower on Monday after debuting last week.

U.S. crude inventories are estimated to have added 2 million barrels last week, according to a Bloomberg survey before Energy Information Administration data due Wednesday. The nation’s oil production had also increased for a fifth week in the period ended March 23, hitting a fresh record.
https://www.bloomberg.com/news/articles/2018-04-03/oil-holds-biggest-loss-in-almost-two-months-on-trade-war-fears