While everyone is waiting for OPEC’s big meeting next week and the IEA is trying to strong-arm the cartel into making bigger cuts to help out a “very fragile” economy in the midst of weaker demand growth, the real elephant in the room is the US-China trade war, the real mover of oil prices today. As we noted earlier this month, if Trump were to make any move on Hong Kong, it would send oil prices down because this would anger China and signal that no deal is really on the table. Trump did just that early on Wednesday, and oil prices responded immediately, falling for two straight days on the president’s signing into law of a bill backing Hong Kong protesters. In the meantime, Iraq is burning, with the torching of the Iranian consulate and nearly 50 people shot dead on Thursday alone; Iran is in upheaval over […]