China may be using US oil as a retaliation tool
As our chart shows, Chinese imports of oil from the US and from others countries had been strong throughout 2017 and the first half of 2018, with China clearly stock piling the commodity. Since the trade war has intensified, imports of US oil have taken a significant plunge and we are yet to see any recovery. US oil is likely to be used as a retaliation tool by China and the recent volatility in the oil price is a reminder of that. With the trade war set to continue, oil prices are likely to remain volatile in the months ahead.
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