The oil market's relatively calm response to alarming tanker attacks in the Gulf of Oman shows what's really driving the oil market right now: signs of deteriorating demand caused by the elevated trade tensions and slowing global economic growth
Yes, US oil prices jumped — initially climbing as much as 4.5% before retreating a bit — but they didn't skyrocket. They currently sit near five-month lows despite the fact that the tankers were attacked near the Strait of Hormuz, the most important chokepoint for oil transit on the planet.
had been under pressure to ramp up production earlier this month, the cartel is now widely expected to keep output steady — or even cut it.America's oil boom will break more records this year.
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