Oil Yo-Yos as Trade War Whipsaws Market Concerned With Demand - Bloomberg

Oil Yo-Yos as Trade War Whipsaws Market Concerned With Demand - Bloomberg:

Oil fluctuated between gains and losses as the U.S.-China trade war whipsawed a volatile market focused on global demand for crude.

Futures rose as much as 2.2% in New York early Friday before giving up most those gains. Against the backdrop of the protracted U.S.-China trade dispute, OPEC warned that oil markets face a “somewhat bearish” outlook, despite tightening supplies. The bleak forecast blunted U.S. President Donald Trump’s optimism about resolving differences with China.

“Today, we have headlines that are favorable for a resolution but traders are still cautious,” said Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas.