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The oil-price crash is set to have far-reaching consequences for Saudi Arabia's finances and vast economic ambitions. The kingdom's budget deficit may soar to $67 billion this year, according to projections shared by Goldman Sachs.
Alan Gelder, oil analyst at Wood Mackenzie, discusses the potential impact on oil demand should the U.S. tip into recession, as well as the outlook for energy markets amid a brewing global trade war.
Traders worry that U.S. – China trade war will hurt demand for oil.
Losses in oil had been fast and furious since President Donald Trump announced his wide-ranging plans for tariffs last week — that is, until he suddenly decided to pause tariff hikes on most countries while slapping China with an even higher tariff rate for its imports into the United States.
CNBC's Pippa Stevens reports on the recent moves in crude oil prices.
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Crude sinks as U.S.-China tariffs threaten oil demand growth and oversupply fears mount. Market braces for prolonged price weakness.
Crude oil outlook turns bearish with rising recession odds, weak demand, and OPEC+ supply hike. Key support levels now in focus for traders.
The OPEC+ alliance will increase supply by three times the planned amount in May in what delegates described as a deliberate effort to drive down prices to punish the group's cheats. Crude was already reeling from the onslaught of trade tariffs announced by US President Donald Trump the previous day, and the surprise addition of 411,000 barrels a day by OPEC+ in May turbo-charged the rout.
Helima Croft, global head of commodity strategy at RBC Capital Markets, joins CNBC's 'Power Lunch' to discuss the oil market as eight OPEC+ producers accelerate crude oil output hikes, whether the price of oil goes lower, and more.