Brent slides as demand outlook collapses

Well, it is surely no surprise to see that Oil prices have really taken a hit today. Brent crude has fallen below $70 per barrel and it is not much above session lows just now. The driver for all this is the slide in global stock markets and the threat of recession, not just in the US either. The salvo of trade tariffs launched by Trump last night have left the oil markets in a tailspin. Brent for June delivery had settled $0.46 higher, at $74.95. Of course that close missed all the trade tariff news, but it sure has had an impact today. The low seen so far has been set at $69.58 a moment ago and it is clearly at risk of falling back to the lows last seen at the beginning of March, when it based out on March 5 at $67.95. Brent for June delivery is right now at $69.60