Economics
Oil Steadies on Signals Trump May Expand Trade Offensive
- Morgan Stanley warns that 2020 may be bleak year for prices
- Protracted trade war undermining worldwide demand for fuels
Valve wheels sit on crude oil pipework in an oil field near Samara, Russia, on Tuesday, May 14, 2019.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Oil ended slightly lower amid concern that U.S. President Donald Trump may expand his trade offensive, multiplying the economic headwinds already threatening global energy demand.
Futures fell 0.1% in New York on Tuesday after earlier rising as much as 1.2%. As Trump addressed the New York Economic Club, analysts listened for indications about the pace of trade negotiations with China. Meanwhile, the U.S. trade czar prepared to give the president ammunition to hit some European nations with targeted sanctions.