Oil Watchers Are Ripping Up Their Demand Forecasts One by One

Oil analysts have raced to slash their forecasts for demand and prices in recent weeks amid the tariff turmoil, highlighting the threat that President Donald Trump’s trade war poses to the global economy.

Banks, consultants and agencies have so far cut expectations for consumption this year by 320,000 barrels a day, according to the average of 12 estimates compiled by Bloomberg. The reduction — equal to about a third of oil demand growth in a good year — means that a second-half glut will be bigger than previously thought, and analysts say crude is now pricing in a weaker economy.