(Bloomberg) — Oil extended losses as the U.S. and China struggled to make progress in setting a date for fresh trade talks and Hurricane Dorian added to demand worries.
Futures in New York were down 0.5%, following a 2.8% drop on Friday. Trades made in Monday’s session will be booked for settlement on Tuesday because of the U.S. Labor Day holiday. U.S. President Donald Trump tried to soothe financial markets, saying talks with China were making progress, although the date for a visit of Chinese officials to the U.S. capital for further discussions has yet to be set, according to people familiar with the discussions.
While Dorian, which reached category 5 strength over the weekend, probably won’t affect production and refining, it will damp demand for gasoline and diesel. The storm’s forecast path remains uncertain although it’s expected to move “dangerously close” to the Florida shoreline later Monday or earlier Tuesday.
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