The Trade War Is Already Hurting Oil Demand

Signs have emerged that the U.S.-China trade war is already hitting oil demand in the shipping and aviation sectors, and this weakness could soon move into the U.S. trucking business and reduce diesel demand. Container traffic from China to the United States is plummeting, while U.S. airlines warn of a hit to consumer spending amid weakened consumer sentiment with the tariffs and expectations of higher inflation. Shipping and aviation account for a combined 10% of global oil consumption, and the decline in container shipping traffic is set to hurt…