Oil is facing global headwinds from the escalation of the trade war, weak macro data and a strong U.S. dollar, say analysts. Traders seem to be waiting for the next round of bad news. WTI Crude is down $.53 to $53.97; Brent is down $.33 to $58.20 this morning.
Recession risk and escalation of U.S.-China trade wars are concerns in the near term. OPEC leaders say they plan to maintain crude oil exports below 7 million barrels per day thru September, bringing the market back to balance and help in absorbing global oil inventories. WTI Crude is up to $53.21; Brent is $58.18 this morning.
Imports are continuing at a precarious moment in U.S.-China relations: The flow is hampering U.S. efforts to choke off oil exports vital to Iran through sanctions as tensions rise in U.S.-China trade dispute casting a pall over the global economy. WTI Crude is up 2.35% to $52.29; Brent is up to $57.19 this morning.
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