…from Russia Today, Moscow

[ Editor’s Note: The far-flung trade boomerang comes home. Oil prices are going down, due the combination of the Gulf States trying to fill Iran’s lost production, and the trade-war freight train coming on the tracks.

Fears are growing that the US sanctions sledgehammer has become the anchor of US foreign policy, but will eventually turn into a wrecking ball. On top of that, we all know how easily we can slip into a Mid East war, especially over an “incident”, and even more so when Bibi wants to make sure that he wins the autumn election rerun in Israel.

We have seen what renegade leaders will do to stay in power. Bibi is already trying to push through the Likud-dominated Knesset a bill to give him immunity from prosecution, but he has to win to be able to hide behind it.

Gosh, some of us would view that as obstruction of justice, but apparently it is game on in Israel, same as it is here, but in a more covert way. The European Union has Trump’s crosshairs focusing on it, despite Trump’s sanctions against Mexico being avoided.

It is a toss up that we could have a shooting war somewhere so Trump can grab headlines for defending America, when his real battle is the German bank records being turned over to Congress Jim W. Dean ]

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– First published … June 05, 2019

Crude prices continued falling on Wednesday, dragged down by fears of slowing global growth from the US-Sino trade war. US President Donald Trump’s threats to place tariffs on Mexican imports have added to concerns.

 

Brent futures were down 27 cents, or 0.4 percent, at $61.70 a barrel as of 9:20am GMT. US West Texas Intermediate (WTI) crude fell 0.9 percent, to $52.98 a barrel. The US benchmark closed 0.4 percent higher on Tuesday.


Oil was hovering on the edge of a bear market after falling almost 20 percent from a peak in late April over US trade policy fears that the global economy is headed for a sharp slowdown.

“Markets are bearish with the outlook for slowing growth in global crude demand, as well as rising US production leading to a glut,” Miyoko Nakashima, a senior strategist at Mizuho Securities in Tokyo told Bloomberg.

Even if the Organization of the Petroleum Exporting Countries (OPEC) cuts output further, WTI crude futures may only rise to about $60 a barrel as the trade conflicts will limit demand growth, she said.

To prevent oversupply and prop up the market, OPEC, together with allies including Russia, has been withholding production since the start of the year. The group plans to meet later this month or in early July to decide whether to continue to curb supply.


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8 COMMENTS

  1. Of course now the Mexican tariffs are dead. Strange that. I’m surprised VT hasn’t jumped on this. Late last week, in their investigation of those facilitating these caravans, Mexico announces they have seized accounts and are recommending arrests for 26 entities…not giving out the names. Mere hours later Trump announces a new deal with Mexico wherein he got…nothing. I would have thought he would blather endlessly about Mexico’s effort to stop these caravans and busting this group. But no? Trumpets have been blathering endlessly that Soros is behind it…quite likely, but doubtless there are many others. So why hasn’t Trump outed this bunch? Is the US financial police less competent than Mexicans?..or is this just another example of the facade? Duh! I asked the same question over at Breitbart and got crickets for replies. Looks to me like AMLO called Trumps bluff and the buffoon folded.

  2. West Texas Intermediate has hit the point where it becomes no longer profitable for fracking. Once the price drops below $53.00 per, investors dry up.
    Trump must be getting desperate by now, trying to cover his shady past. I guess shady isn’t quite the word for it.
    There’s no doubt, tRump is a wrecking machine, has undone everything it took years to create and those who continue to support this miserable example of a human being must be certifiably nuts.
    MAGA.
    How about MAFA: Make America Free Again.
    Unfortunately the Dems have little chance to defeat him next year, what with all the idiots that have declared themselves as presidential material. Even Tulsi Gabbard has very little chance. The Democratic Party has become the war party.
    Looks like I’ll be staying home on election day.

    • The rights to drill oil are leased as the oil belongs to the people. A fair profit for exploration, developing the field, production, refining and distribution, for sure. Raping our economy; well, how about a no.

    • The oil companies and investors are making big $$$$ anyway.
      I remember back in the 1970s when the so called oil embargo was in effect. So called embargo…..There were tankers waiting to be unloaded in the harbor.