Via Oilprice.com

Globe

The escalating trade war between the U.S. and China is keeping oil prices subdued, but the fear premium seems to be growing by the day as tensions across the Middle East threaten outages and even war.

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Friday, May 17th, 2019

Oil rose on Friday morning on supply outages and Middle East tensions before trade war fears dragged prices down again. Sentiment continues to swing between fears of weak demand in the wake of the U.S.-China trade war and fears of supply outages due to conflict in the Middle East.

Trump blacklists Huawei, deepening rift. On Thursday, President Trump essentially blacklisted Chinese telecom giant Huawei Technologies from operating in the U.S., escalating the standoff with China. The Chinese government typically offered a cautious tone in response trade actions from Washington, but Beijing and state media are taking an increasingly strident line, which suggests China is not close to backing down. China’s currency slid on the news, as did the Shanghai Composite Index.

Stalemate in Libya could cause next oil outage. The assault on Tripoli by the Libyan National Army (LNA) has fallen into a stalemate, and the ongoing fighting shows no sign of nearing resolution, despite calls for a ceasefire by global powers.…