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Beyond weak fundamentals, oil markets are also impacted by a slowdown in financial markets in the broad sense.
"2018 has clearly marked the end of the 10-year Asian credit bull market due to tighter financial conditions in Asia (especially China), and we expect this to be the case in 2019," Morgan Stanley said in a statement. note published Sunday.
"We still do not think we are at the bottom of the cycle," the US bank said.
Oil markets were also weighed down by the strength of the US dollar, which leapt against most other currencies this year, due to rising interest rates that took money out of the currencies. investors in other currencies, as well as assets such as oil, considered riskier. than the bank note.
"Everything against the USD is under pressure right now," McKenna said.
The trade war between the world's two largest economies, the United States and China, is another risk to global trade and global economic growth.
"The US-China trade dispute represents a downside risk as we expect the US to impose 25% tariff on all imports from China by the first quarter of 2019," he said. said the US bank JP Morgan in a note released Friday.
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