Crude oil futures extended losses on Tuesday, settling at their lowest levels since February 2021, as the potential de-escalation of the Russia-Ukraine conflict and weak Chinese economic data amplified fears of a looming global supply glut.
Across the Transpacific, capacity discipline has so far only succeeded in preventing a deeper slide. Additional blank sailings have helped carriers defend the October lows of roughly $1,400/FEU on the West Coast
The committee concluded that the deterioration in domestic industry performance was directly caused by the rise in imports. It found no evidence that other factors — such as plant maintenance shutdowns, technological disadvantages, or product quality issues — played a material role in the injury.