Oil collapses 1.5% on a rapidly falling Chinese crude imports for h1 (first half of 2024). All eyes on Israel's broadening war in the Middle East, more so with Lebanon/Hezbollah and Yemen. MAy draw in Iran and Turkey

 

The price of crude is caught between a deflationary China, which could end up sending the global economy into a recession, and the widening Israel/Arab/Iran conflict in the Middle East.  Which, if the oil price does spike, will be an oil shock atop of slowing/stagnated economy.   America is already showing a divergence to China slowdown.

Current news headlines re: oil price:

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• Weak Demand in China Weighs on Middle East Oil Price Outlook - oil.com

• Job losses, protests present difficulties for Chinese Communist Party - VOA

• Commodity markets fear a repeat of China’s 2015 economic slowdown - Marketwatch=

• Airlines cancel flights at Lebanon’s airport amid Israel-Hezbollah tensions - AJ

• Iran’s Pezeshkian tells Macron potential Israeli strike on Lebanon will have ‘serious consequences’ - TOI

• Israeli retaliation in Lebanon seems inevitable - The Economist 

• Erdogan says Turkey might enter Israel to help Palestinians - Reuters

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