It's been said that "we can't have nice things."
A day after markets cheered the U.S.-China trade truce, U.S. President Donald Trump threatened to slap $4 billion in tariffs on goods flowing out of the European Union.
That news overshadowed OPEC's major decision to extend crude production caps through March 2020.
Oil prices plunged Tuesday.
And despite all the chatter about oil prices heading higher in the third quarter, economic growth concerns and trade jitters are driving global oil prices lower.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.