(Bloomberg) -- Oil is on track for its biggest weekly drop since December as mounting trade tensions between the world’s biggest economies sent investors fleeing from risky assets.

Futures in New York were up 0.6%, after plunging 6% on Thursday. The market is down 7% over the week. Equity markets also slumped, with six of every seven companies in the S&P 500 Index dropping after China assailed American sanctions and U.S. lawmakers proposed a ban on Chinese 5G technology.

To contact the reporter on this story: James Thornhill in Sydney at jthornhill3@bloomberg.net

To contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Jason Rogers

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