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A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. (Reuters)
Before the trade war, China was the largest oil importer of US shale oil, with almost 500,000 bpd last year that went to zero once the trade dispute started even though Beijing has not imposed tariffs on US crude imports.
Despite two major news events that should have supported the oil price, the market finished the week on a bearish note.