Oil24 May 2019 07:19
Oil’s slide comes despite mounting geopolitical tensions in the Middle East, with traders instead preoccupied with the fallout from the US-China trade war and its potential impact on oil demand growth.
Physical supplies of crude are seen as relatively tight due to US sanctions on Iran and Venezuela, and Opec-led production cuts, but stockpiles have been rising in the US, the world’s largest oil consumer and the heart of the shale boom.