Oil falls as Chinese economy outweighs Trump plan to ease lockdown

Oil prices fell on Friday, giving up early gains as China’s worst economic contraction on record outweighed news of U.S. President Donald Trump’s plans to get the American economy moving again.

“The market knows that U.S. crude stocks will fill very rapidly … as refinery runs continue to be cut tremendously,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy.

“The enthusiasm about U.S. President Trump’s intention to end the country’s lockdown seems to be dying down as traders realise that a full return of the economy will not come overnight,” Tonhaugen said.