• 4 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 9 minutes Time For Reaction: Trump Presses OPEC to Reduce Prices as Crude Trades Near $80
  • 15 minutes Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
  • 9 hours So about that psychological oil price ceiling of $80 ... Trump's Twitter sledgehammer is right on cue, again
  • 4 hours China Tariff Threatens U.S. LNG Boom
  • 9 hours Global Hunger Continues to Grow Driven By Climate Change
  • 3 hours Toyota Agreed To Add Android Auto To Its Vehicles
  • 14 hours So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 8 hours Transition Time: Volkswagen Announces "Electric for All" Campaign
  • 4 hours Big Oil Costs Can't Go Much Lower
  • 13 hours WTI now at $70+ headed for $50s
  • 3 hours Google And Facebook Lead Digital's March To Half Of The U.S. Ad Market
  • 1 day Qatar/Germany: 10 billion Euro Investment In Germany's Energy Sector
  • 1 day PetroChina Inks Its Biggest Qatar LNG Deal as U.S. Trade at Risk
  • 1 day Economic collapse? Iran's Khamenei Tells Rouhani, Ministers, To Solve Economic problems
  • 1 day Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
Alt Text

Rising Costs Weigh On Permian Gas Production

Permian gas growth is slowing…

Alt Text

China Poised To Dominate South Sudan’s Oil Industry

China’s state oil major CNPC…

Alt Text

Oil Prices Jump On Saudi Arabia’s $80 Claim

Saudi Arabia has signaled that…

Nick Cunningham

Nick Cunningham

Nick Cunningham is a freelance writer on oil and gas, renewable energy, climate change, energy policy and geopolitics. He is based in Pittsburgh, PA.

More Info

Trending Discussions

U.S., China Trade War Puts A Lid On Oil

rig

The oil market has suddenly gone south in recent weeks, with cracks in the global economy starting to drag down oil. The U.S.-China trade war is one of the drivers of the souring climate. But that conflict could get a lot worse in the months ahead.

The latest flashpoint is the lira crisis in Turkey, which is dragging down other currencies and sparking fears of an emerging market crisis. But the problems have been building for some time. The IEA warned last week that the oil market has been “cooling down,” which was partly the result of a restoration of outages in Libya, but also a slowing of demand in the second and third quarters.

The return of some supply and the slowdown in demand has depressed prices in July and August. “Brent is thus facing its third consecutive weekly loss. WTI even looks set to be down for the seventh week running – which would be its longest losing streak in three years,” Commerzbank wrote in a note.

Other negative signs have become more visible. Fuel markets are showing signs of trouble. Oil demand in Asia is slowing down. Timespreads in the oil futures market are throwing up some bearish signals.

From here, it is unclear which way we go. The outages in Iran loom, but so does a potential further knock on demand.

One main “factor to consider is that trade tensions might escalate and lead to slower economic growth, and in turn lower oil demand,” the IEA warned, clearly referring…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News