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Hedge funds reduce net-bullish bets on Brent crude oil

on the bright side, Russian Energy Minister Alexander Novak said his nation’s alliance with OPEC, whose historic joint output cuts have helped support oil above $60 a barrel, may last “indefinitely.”

“The oil market is caught up in these trade war fears that are gripping all the markets,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund. “It’s obviously a set-up that would be damaging to global economic activity and energy demand.”

China’s Commerce Ministry said it had very detailed retaliatory measures after Trump ordered his administration to consider levies on an additional $100 billion in imports from the Asian nation.

“If the US continues with its unilateralism and protectionism in total disregard of the opposition from China and the international community, China will see it through to the end at any cost,” Chinese Ministry of Commerce spokesman Gao Feng told reporters.

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