demand predictions: Oil coursed downward with other global markets as concerns grew that the China-US trade conflict was fast turning into a technology cold war between the world's two largest economies, according to Nine News Australia. While the trade war is the main cloud over economic growth and demand predictions, market participants also pointed to weakening US data and overfull US crude stockpiles. To improve your experience update it here News World Oil plunges as US-China trade war raises fuel demand worries By AAP8 00am May 24, 2019Facebook Tweet Mail Oil prices plunged overnight, losing about fiver per cent as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months. Supplied Again, we're seeing the effect of worries about the trade issue on demand, said Gene McGillian, vice president at Tradition Energy in Stamford, Connecticut. Brent crude futures, the international benchmark, settled down US3.23, or 4.6 per cent, at US67.76 a barrel. Funds and money managers who had built up long positions are heading to the exits as trade concerns dim the demand outlook, he said.
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