Oil continues to crater in the wake of a US-China trade war

As risk sentiment takes another knock, oil is one of the worst hit by the latest headlines here. WTI crude is now down to around $56 at its lowest levels since early 2021. At this point, there's no need to pick at support levels for oil. OPEC+ didn't help and a full-blown trade war between US and China is just sending things over the edge.

The bleeding will stop when it stops. Until then, it's pure carnage at the moment in the oil market.

If anything, that is perhaps one silver lining for central banks at least.