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US cuts oil production forecast through 2021 — padding the crushed market before a critical OPEC meeting
President Trump recently threatened to impose "very substantial tariffs" on Russia and Saudi Arabia if the nations don't cool their oil-price war.
President Donald Trump threatened to slap 'very substantial' tariffs on their oil products if the pair fails to reach a deal.
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One expert warns of severe risks to credit markets, which could ultimately spark a global recession.
"What we can see is the level of fear in markets is at extremes we haven't seen since the financial crisis," one analyst said.
Instability in the oil market added to global financial woes and sent everything from stocks to bond yields plummeting.
The pause to major manufacturing efforts shrank oil demand by 4 million barrels per day, Goldman wrote, compared to 5 million barrels per day in 2008.
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Oil climbs above $65 after an escalation in Libya’s civil war forces the shutdown of 2 major oilfields
Supporters of military commander Khalifa Haftar closed a pipeline connecting two major oilfields in Libya, sending Brent crude to the highest since January 9.
Oil is on pace for its best year since 2016 as global tensions and dwindling US inventories lift prices
American crude inventories fell to their lowest level in two months in the week ended December 20, propping up prices by cutting supply.
The investment bank pointed to a host of reasons, even Modern Monetary Theory, as factors in its forecast.