While the collapse Movement.down.loss has rekindled speculation that the Organization of the Petroleum Exporting Countries ( OPEC ) may need to squeeze Cause.movement.down.loss output for the first time in six years when it meets next month , some analysts are looking much further ahead .

( graphic : tmsnrt.rs / 2WG0dO7 ) The collapse Movement.down.loss in energy prices also comes amid escalating global price war trade.financial.tension , especially between the United States and China .

The collapse Movement.down.loss in oil prices is said to have been arrested by a step up in clashes Geopolitical.tension between Iraq and the West .

-LRB- Reuters -RRB- - Goldman Sachs -LRB- NYSE : GS -RRB- cut Cause.movement.down.loss its second - and third-quarter Brent price forecasts to $ 30 per barrel , citing the oil price war trade.financial.tension between Russia and Saudi Arabia and a significant collapse Movement.down.loss in oil demand due to the coronavirus that has killed more than 3,500 globally .

( graphic : tmsnrt.rs / 2WG0dO7 ) The collapse Movement.down.loss in energy futures also comes amid escalating global price war trade.financial.tension , especially between the US and China .

Riyadh this time wants to preempt a price collapse Movement.down.loss without sacrificing production levels or market share .

While the collapse Movement.down.loss has rekindled speculation that the Organization of the Petroleum Exporting Countries ( OPEC ) may need to squeeze Cause.movement.down.loss supply for the first time in six years when it meets next month , some analysts are looking much further ahead .

`` Assuming we have a more than 40 % collapse Movement.down.loss ( in oil futures ) , it 's likely to be an additional 0.8 percent ( in economic growth ) for most advanced economies , because all of them are importers of oil , '' Lagarde said , mentioning the United States , Europe , Japan and China in particular .

So far , OPEC officials have not expressed a pressing concern Negative_sentiment about the collapse Movement.down.loss in prices , seeing it as a temporary plunge Movement.down.loss and predicting prices will surge Movement.up.gain as more Movement.up.gain seasonal demand kicks in due to colder weather .

Yet oil prices held resolutely above $ 100 a barrel , with each potential collapse Movement.down.loss eventually thwarted .

LONDON ( Reuters ) - Russian use for diesel is expected to have hit hard Movement.down.loss in 2015 for the first quarterly collapse Movement.down.loss in nearly two years , the International Energy Agency reported on Thursday , the latest sign of weakness Slow.weak in the fuel market .

The collapse Movement.down.loss in fuel oil and vacuum gasoil exports is a double blow for some European refineries , which use these products as feedstock when crude futures rise Movement.up.gain .

The collapse Movement.down.loss in oil prices is said to have been arrested by a step up in clashes Geopolitical.tension between Iraq and the West .

Oil also drew support from expectations of a collapse Movement.down.loss in U.S. crude inventories , signaling healthy consumption as the summer driving season gets under way .

Gasoline inventories crashed Movement.down.loss by 2.2 million barrels during the week , less than the 558,000 draw analysts were looking for , while distillates -- including diesel -- were down Movement.down.loss 2.4 m barrels , deeper than the 1.9-million-barrel collapse Movement.down.loss expected .