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ENB - The Tight Crude Oil Market Has Been Masked By These 2 Key Factors Lately
Enbridge Inc
Oil bulls can't catch a break. The escalating U.S.-China trade war and the potential U.S.-Mexico trade war have fueled speculations about a global oil demand slowdown. On top of these trade tensions, EIA has announced builds in crude oil over the last weeks, which has exacerbated the situation. As a result, the United States Oil Fund (USO) has fallen from approximately $14 last April to approximately $11 today.
Nevertheless, we do believe that the oil market is tight, oil's selloff is overdone and trade war fears are being overstated while supply risks around