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Oil Slumps 5% To Seven-Month Low On Trade Tensions, Surprise U.S. Stock Build

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Oil prices tumbled up to 5% on Wednesday to a fresh seven-month low, extending recent heavy losses following an unexpected build in U.S. crude stockpiles and fears of lower crude demand due to deepening U.S.-China trade tensions. After seven weeks of consecutive crude drawdowns, “there was a thought that today’s report would turn oil’s fortunes around,” said John Kilduff, partner at Again Capital LLC in New York. “That support got taken out of the market.” The EIA earlier this week reduced its forecast U.S. demand for crude and liquid fuels, expecting it to rise 210,000 barrels per day (bpd) this year - 40,000 bpd lower than its forecast last month. “The market continues to trade lower on concerns about demand growth and the idea that economic growth can be impacted by the trade war,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford Connecticut.

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Not a good news for global sentiments...

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No surprises in it.

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Power and oil. The petroleum industry has shaped the world more than any other factor, political, economic, social, or environmental, over the past several decades - for better or worse.

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There’s an oversupply (and reports shows that China has been secretly buying oil from Iran, and that oil is waiting and it has yet not seen the market) meaning that oversupply will most likely keep growing. Also, the global slowdown; trade war will most likely reduce oil demand.

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Wait for it to drop more, buy low SELL HIGH!!   It will rebound, geeeeez

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