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World oil prices could fall to $ 45 a barrel if tensions between the US and China worsen, said an investment strategist.
Oil prices have been on a downward trend in recent weeks as investors are increasingly concerned about slowing demand.
Rainer Michael Preiss, executive director of Taurus Wealth Advisors, says Rainer Michael Preiss, managing director of Taurus Wealth Advisors.
"I think the G-20 market is the focus of attention," Preiss told CNBC's Capital Connection Thursday.
"If the United States and China could not agree and the US is again raising tariffs on imports from China, this could potentially significantly slow down the economy," he said. he added.
US President Donald Trump had previously said that he would make the decision to impose new tariffs on China after meeting with Chinese President Xi Jinping at the G-20 meeting in Japan later. this month.
Washington has so far applied $ 25 billion of tariffs on Chinese goods at 25 percent of tariffs, while Trump has threatened to apply the same high levy to the remaining imports from China. for an amount of about 300 billion dollars. In retaliation, Beijing has raised tariffs on billions of dollars worth of US goods.
Tensions between the United States and China have also extended beyond trade. Washington has placed Huawei on a blacklist that prevents US companies from doing business with China's tech giant, while China has threatened to cut its supply of rare earths to the United States.
These developments have hurt corporate and consumer sentiment, and are accused of contributing too much to the global economic slowdown. Now, any potential recovery in the global economy depends on the conclusion of an agreement between Trump and Xi, said Preiss.
"Everything I look at suggests that global growth" will depend on how the talks between the United States and China unfold, he added.
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