The U.S. and China appear to be making progress on trade talks ahead of the G20 meeting, but should they fail, the fallout for the oil market could be significant. If the U.S. and China cannot come to an agreement and the trade fight escalates, oil prices could plunge to $30 per barrel, according to Bank of America Merrill Lynch. That is because the Trump administration has threatened to impose tariffs on $300 billion worth of Chinese imports, which would cover just about every Chinese good coming into the country. The economic pain on the global economy would be substantial, but the impact would be especially damaging on China. In response, Beijing might feel compelled to let the yuan weaken in an effort to prevent a collapse of exports. That, in turn, would severely cut down on oil demand. Since crude is priced in dollars, a weaker yuan would […]