A relatively new development in global oil markets has unfolded in recent months, one that has replaced another new development that also has the ability to also roil oil markets. Renewed concerns of a heightened trade war between Washington and Beijing are bringing more pressure on global oil markets than the impending removal of more than 1 million barrels per day (bpd) of Iranian oil due to fresh U.S. sanctions, ushering in two market movers that traders did not have to wrestle with just a few months ago. Iran is OPEC’s third largest crude oil producer. On Friday, global oil bench mark Brent crude fell 35 cents to settle at $77.42 per barrel, while NYMEX-traded U.S. benchmark West Texas Intermediate (WTI) was down 45 cents for the day to settle at $69.80 per barrel. Granted, oil closed the month of August higher, with Brent up 4.3 percent for the […]