Analysts at Danske Bank explain that while S&P 500 initially moved higher yesterday on the back of positive signs in the US-China trade wars , where it seems the two countries are trying to restart more real and constructive negotiations, the index ended 0.4% lower, as sentiment soured during the day.
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“This also led to a collapse in oil prices . A higher USD and weak equity market has certainly played a role in the sell-off this week, but more importantly, oil supply fundamentals have flipped from concerns over the effect of Iran sanctions to talk about supply surplus next year. OPEC+ talk about curbing output next year has done little to support prices.”
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