Oil prices set to drop for a second week as US-China trade war to cut demand
1. Oil prices are declining due to U.S.-China trade war fears. 2. Prolonged economic disputes may reduce crude consumption significantly.
FAQ
Why Bearish?
The ongoing U.S.-China trade war negatively impacts global oil demand, reminiscent of past downturns during economic slowdowns.
How important is it?
Trade tensions directly affect oil consumption; BNO, reflecting oil price trends, likely responds to this volatility.
Why Short Term?
Market conditions indicate immediate concerns; however, oil prices may stabilize post-resolution of trade issues.