Oil demand signals are flashing red as price dives toward US$50

Bearish signals: A pump jack operating in an oil field in the Permian Basin in Texas. Premiums refineries pay to procure immediate oil supplies are slumping. — AP

LONDON: Oil demand is shrivelling as the trade war between the United States and China trips up the global economy.

Estimates for March and April are pointing to year-on-year declines in regions that account for almost half of global oil demand, according to Morgan Stanley.