Oil prices witnessed something of a relief rally this morning. Yet risks are still skewed to the downside as President Trump threatens an additional 50% tariff on Chinese goods if it doesn’t lift its 34% retaliatory tariff by Tuesday. It's unlikely that China will reverse the policy. As such, we’re likely to see further escalation, which will only exacerbate growth concerns and worries over oil demand. As we mentioned following the move by OPEC+ to increase supply, we expect a strengthening in the Brent-Dubai spread, something we’ve seen in recent days. A combination of stronger OPEC+ supply and tariff impacts (with ... (full story)