US-China tensions take a toll

摘要

OIL prices extended heavy losses midweek, slumping to the lowest level in almost two months as deepening US-China trade tensions spooked global markets and fanned fears of a worldwide recession with serious implications for energy demand. Oil is now in the grip of a bear market after being swept along all week in a global meltdown of stock and commodity markets. The rout deepened on Wednesday, even though there was a brief recovery in stock markets, with oil prices falling by close to 5% after government data showed that US oil inventories rose unexpectedly last week.