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American oil companies scaled back drilling this week after U.S. President Donald Trump escalated his administration’s trade war with China.
U.S. working oil rigs fell by two this week to 859. according to data from Baker Hughes. It was the second drop in three weeks.
The tit-for-tat U.S.-China trade dispute escalated this week as Trump threatened to increase levies on billions of dollars in Chinese goods. and the Asian giant responded in kind. China is currently one of the largest buyers of American crude.
Oil output in the U.S. fell by 100.000 barrels a day to 10.9 million last week. according to the Energy Information Administration.
