WTI fell below $60 per barrel for the first time in two months, dragged down by growing fears of a global economic slowdown. Oil had been stuck between geopolitical risk and supply outages on the one hand, and the U.S.-China trade war and grim economic news on the other. Depending on the day, whichever concern seemed more pressing drove oil price movement. For the time being at least, economic concerns seem to be winning out. While the Trump administration announced higher tariffs on $250 billion worth of Chinese goods a few weeks ago, global financial markets seemingly thought there was a decent chance that the worst would be avoided and that the two sides would reach a deal. However, the rhetoric on both sides has changed, with top American and Chinese officials digging in and striking a more nationalistic tone. The Trump administration has not only hiked tariffs, but […]