Oil drops over 5% on China-U.S. tensions

Oil fell 5% on Friday towards $34 a barrel as tensions rose between the United States and China, and doubts grew about the pace of demand recovery from the coronavirus crisis.

China is set to impose new national security legislation on Hong Kong, prompting a warning from U.S. President Donald Trump.

Brent crude dropped $1.57, or 4.4%, to $34.49 a barrel at 1005 GMT, after falling as low as $33.54. U.S.