Consumption concerns have kept oil prices under pressure since the middle of April, even as threats to production and seaborne exports multiply. U.S. sanctions have slashed exports from Venezuela and Iran, Libya’s production is threatened by renewed fighting, and tensions between Iran and the United States have ratcheted up. But the consumption outlook is deteriorating, with global trade hit by the United States and China dispute and growth prospects in major emerging markets from Brazil to India and Turkey are downgraded. Global manufacturing production is decelerating, new export orders are falling, air freight ... (full story)