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Oil markets struggle with weakening global demand and supply uncertainty

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Photo: drpepperscott230/Pixabay

Oil prices have vacillated over the past week, uncertain of their direction due to flagging global demand for oil and uncertainties about supply, per oilprice.com.

Concerns about the weakening demand for the product are countering the hopes that Saudi Arabia really will “do whatever it takes” to stop the recent price slides, driven by global instability due to the U.S.-China trade war.

“The longer the trade war drags on, the more downside risk there is” around hedge fund growth outlooks, says ING’s Head of Commodities Strategy, Warren Patterson.

More at OilPrice

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