The top forecasters for the oil market have repeatedly downgraded their estimates for demand. Absent a turnaround in global growth, the pitfalls for the oil market may only grow worse.
The USMCA appears to calm oil industry fears that revisions to NAFTA would endanger investor protections, while Canada and Mexico both have carveouts to avoid vehicle tariffs.
China hasn't included crude oil on a list of tarifed products, but that does not mean that the energy trade will emerge from the escalating trade war unscathed. Already, the trade spat has disrupted the flow of energy between the two countries.