Oil Bulls Meet Trade War Turmoil

The January oil price rally gave way to a sell-off in February as the market started pricing in the trade war risks that could dampen economic and oil demand growth in the world’s biggest economies. Oil prices jumped in January after the Biden Administration slapped its farewell sanctions on Russia’s oil trade networks – the most aggressive yet. As Russia’s top oil customers, China and India, found themselves scrambling for non-sanctioned vessels, traders, and insurers to ship their Russian crude, market participants started…