Oil crumbles on surging US stockpiles; trade tensions weigh   


24 May 2019 : There are few doubts that yesterday should unofficially be declared as the seller’s market for Oil prices after the commodity tumbled more than 5%, the steepest drop for Oil in 2019.


The dangerous combination of surging US crude inventories, weak demand from refineries and rising concerns over US-China trade tensions impacting economic health is creating a recipe for disaster in Oil markets.


It must be kept in mind that concerns over supply shocks following the resumption of economic sanctions on Iran could only push Oil prices to a certain level and this has been baked into the market months ago.


Source : Lukman Otunuga, FXTM Research Analyst


Reporting for EasyKobo on Friday , 24 May 2019 in Lagos, Nigeria


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