The ongoing U.S.-China trade war is negatively impacting the outlook for U.S. crude shipments, energy analysts have warned.
Matthew Smith, director of commodity research at ClipperData, told CNBC via email that it was still "too early" to tell whether China's intake of U.S. crude imports had fallen away in recent weeks.
China, the world's largest oil buyer, was one of the leading destinations of U.S. crude throughout the first half of last year — in what had been a mutually beneficial energy relationship with the U.S., the world's biggest crude producer. In fact, when compared to other commodities — such as soybeans — U.S. crude flows to China actually "look healthy," Smith said.The U.S. and China have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
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