If US president Donald Trump wants the lower oil prices he has consistently demanded, then escalating a trade war with China is one unconventional method of meeting that short-term goal.
Crude prices tumbled on Monday alongside stock markets, after Mr Trump’s threat to raise tariffs on $200bn of Chinese goods. Brent crude briefly dipped back below $70 a barrel, taking the international benchmark well below the level it traded two weeks ago when the Trump administration announced it was removing all sanction waivers for Iran’s customers.
The decline comes despite bullish traders consistently pointing to the build-up of geopolitical threats in the market, from Iran to Venezuela, which have tightened supplies compared with earlier this year.
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