Quotes from the news wire:
U.S. businesses affected by the increased tariffs will be making decisions regarding purchases, inventories, etc., that are apt to force some downshifts in the U.S. economic growth path that could have implications for U.S. oil demand, a decline below our expected next support level of $56 (for WTI) will likely associate with a further plunge in equities that would be heavily related to unresolved trade issues between the U.S. and China ... volatility across all markets will be heightened until some significant trade progress is seen.
The Brent trade remains surprisingly stout in continuing a sideways or consolidation phase that is approaching one month in duration, since Jim Ritterbusch have some difficulty constructing a fundamental argument for Brent price support, we are attributing most of the strengthening in Brent versus WTI to the continued build in U.S. crude supplies, particularly at Cushing.
Today's close didn't alter our opinion of a potentially bearish gasoline market that will be forced to recognize a sizable supply surplus when seasonal tendencies begin to reverse in a few weeks, but, for now, technical signals across the complex favor higher prices and we would continue to caution against any attempts to pick a top.
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