As a new trading week begins. WTI crude oil is trading bearish over renewed concerns about the US-China trade war. At the time of writing, WTI crude oil is trading at around $57 per barrel.
Global financial markets received a sudden shock when Trump announced 10% tariffs on an additional $300 billion worth of Chinese goods, after talks between the trade teams failed to produce much progress. According to Trump, this latest round of tariffs serve as a warning to China to expedite negotiations, and a failure to do so could bring about more tariff hikes in the future.
Crude oil has been battling weakening demand concerns since the beginning of this year, which has been keeping prices under pressure. Presently, even rising tensions in the Middle East and falling supply of oil from OPEC countries have been able to offer much support to weak oil prices.