Threat of Rising Supply and Demand Destruction Puts Oil Prices Under Pressure

The trade war between China and the U.S. is intensifying just as OPEC+ prepares to unwind its production cuts, putting oil prices under considerable downward pressure.- The US-China trade war escalated over the past week with the White House signing off another 10% hike on Chinese imports to the country, raising the overall level to 20%, all the while postponed tariffs on Canada and Mexico took effect March 4. - Canadian crude flowing to US Midwest refiners will be subjected to a 10% tariff, most probably leading to a 2-3% increase in gasoline…