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Crude Oil Prices at Risk as US-China Trade War Sours Growth Bets
Last week, crude oil prices succumbed amid US-China trade war escalation. The WTI benchmark touched the lowest level in seven months after Beijing retaliated with currency depreciation and a ban on US agricultural imports to a threat from Donald Trump. The US President moved to expand tariffs to an additional $300 billion in Chinese imports – covering nearly all bilateral trade – starting September 1. Although détente would benefit both parties, a swift resolution now seems decidedly unlikely. This means that traders must now contend with the ever-present risk that some provocative soundbite from either ... (full story)