The U.S.-China trade battle bleeds into oil

A Chinese flag outside an oil refinery in Shanghai. Photo: Johannes Eisele/AFP/Getty Images

The U.S.-China trade war is no longer sparing some major energy equipment and commodities, including crude oil, while U.S. natural gas exports still remain outside the struggle.

The big picture: In recent days, analysts have been grappling with a few major questions when it comes to oil, including: how specific trade flows will be affected and whether the wider economic fallout from the U.S.-China fight will hinder worldwide oil demand.