Oil markets remained under pressure in early trading on Wednesday amid economic downturn worries due to the U.S.-China trade war that shows no sign of ending. Front-month futures for international oil benchmark Brent crude hit $69.85/barrel at 0101 GMT, a drop of 0.4 percent from the close from the last session. U.S. oil benchmark West Texas Intermediate (WTI) crude futures were off some 0.7 percent, at $58.70/barrel. Ongoing trade war tensions are causing concern across financial markets as well. The S&P 500 has dropped 5 percent from its recent record highs, while some analysts claim that there is even more downside potential as markets have barely priced the effects of China’s potential response in the trade war. Some possible retaliatory moves by China, in addition to its recent tariff increase on $60 bn worth of U.S. goods, include restricting rare earth exports to the U.S., a move that would […]