Oil Prices Plunge Amid Trade War Worries and Excess Supply Concerns
Oil futures have plummeted to multi-year lows amid growing concerns about a trade war's impact on economic growth and excess oil supply entering the market. The decrease in oil prices has dragged energy stocks down, with the S&P 500 Energy Select ETF falling more than 1% year-to-date. As tensions between the US and its trading partners escalate, oil markets are under pressure to break below their two-year range.
- The current volatility in oil prices highlights the precarious nature of global trade relationships, where even small changes can have a significant impact on supply and demand dynamics.
- How will the ongoing trade tensions and potential relaxation of sanctions against Russia affect the global energy landscape, particularly in terms of price stability and supply security?