On Monday, the 30th of September 2019, both US and Brent crude witnessed a sharp downturn of more than 2 per cent over waning concerns of supply deficits in context of a quicker-than-expected recovery of Saudi crude output following September 14th’s attack on two of the largest oil facilities of Aramco, while the benchmark UK crude had posted its biggest quarterly plunge this year over growing fears of a declining demand outlook due to an escalation of Sino-US trade war.
Meanwhile, citing narrowing possibilities of a Sino-US trade deal in a near-term outlook following latest Trump-tweet drama that seemed to have widened trade relationship between two of the largest economies of the globe, an oil analyst at IAF Advisor, Kyle Cooper said, “The U.S.
and China are still far from any type of agreement. The concern of oil demand, is not going to get better. ” Besides, on Monday’s (September 30th) market closure, UK crude ended the day down by 1.8 per cent to $60.78 per barrel, while US West Texas Intermediate crude future nosedived 3.3 per cent to round off the day at $54.07 a barrel.
Aside from that, benchmark UK crude fell 8.7 per cent on a quarterly basis, posting its steepest quarterly plunge since Q4, 2018, while US crude shed 7.5 per cent in the third quarter as growing grudges of an escalated Sino-US trade conflict had plunged global economic growth to its lowest level since the era of great financial depression which in effect had weighed on crude oil demand.