Oil prices move lower after Friday’s rig-powered surge

Crude oil prices slipped into negative territory early Monday, following big gains last week, as broader international trade concerns spill into commodities.

Oil prices shot up more than 3 percent in Friday trading after oil and gas services company Baker Hughes reported a dip in rig activity in North America. Rig counts serve as a loose gauge of future production, though the slip has been overshadowed by steady upward revisions to expectations for total U.S. crude oil production.

Broader markets were roiled by U.S. President Donald Trump’s decision to go ahead with tariffs in imported steel and aluminum, sparking fears of a trade war…

 

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