The Trump tweets have escalated the ongoing trade war and now Oil is the current victim.
Crude slid to a two-week low after China announced tariffs on U.S. oil for the first time and U.S. President Donald Trump signaled he may escalate the trade war.
in 2018 China import of crude oil: US$239.2 billion (20.2% of total crude oil imports)
in 2019 China’s crude oil imports in June averaged 9.63 million bpd, an increase of 1.7 percent from an average of 9.47 million bpd in imports in May, and a 15.2-percent increase from 8.36 million bpd in June last year. – China U.S Trade Ware
Crude oil prices could plunge lower
Saudi Arabia has restored half of the crude product that was lost to devastating attacks on its oil industry, and the kingdom said output will be fully restored by the end of this month.
If we don’t see any new drone attackS on Saudi oil infrastructure we could see Crude oil prices going even lower. Before the oil attacks against Saudi oil infrastructure, the Crude oil prices were already heading lower.