Crude futures drop 1.9 percent

Bloomberg

Crude fell as a sell-off in equity markets signalled a flight from riskier investments. Futures slid as much as 1.9 percent in New York. US stocks declined as China imposed retaliatory tariffs on US goods, the latest move in escalating trade dispute between world’s largest economies. At the same time, supply concerns that prompted hedge funds to increase bullish bets on the benchmark US crude contract have fizzled.
“The broader markets are struggling,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund. In addition, the oil market “is super long at the moment, so without a catalyst it will be hard for that length to stick around.”