The oil market moves today based on President Trump's tweets about trade negotiations and China's responses to U. S. actions.
Today's oil market is being driven by China. More specifically, it is driven by perception of the trade dispute between China and the United States, prospects for China's economic future and forecasts for China's oil imports. The oil market moves todayon President Trump's tweets about trade negotiations and China's responses to U.S. actions. China has become a bigger issue for oil traders than any other geopolitical or economic event.
FILE - In this Nov. 9, 2017, file photo, U.S. President Donald Trump and Chinese President Xi Jinping participate in a welcome ceremony at the Great Hall of the People in Beijing, China. Trump is to meet with Xi at the Group of 20 summit in Buenos1) China is a the world's largest oil importer. China9.24 million barrels per day in 2018, and much of that is still sent to storage.
2) If the trade negotiations further deteriorate into an all-out trade war, we could see a serious recession in the U.S. The U.S. is the world's largest consumer of oil, mostly domestically-produced. A U.S. recession would decrease global demand. 3) A heightened trade war between the world's two largest economies also has the potential to create a global economic downturn, thus hurting oil demand across the globe. Last week, news that President Trump is considering a new 10% tariff on $300 billion of Chinese goods sent theTraders work at the New York Stock Exchange on August 5, 2019 at Wall Street in New York City.
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