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Oil prices dipped second time in a week on Wednesday due to the growing concerns on global economic slowdown. The market received support from OPEC-led supply cuts which protected it from further decline. Brent went up by 0.2% and was traded at $60.53 per barrel. WTI crude went up by 0.2% and was traded at $52 a barrel.
The supply cuts led by OPEC and Russia helped the oil prices take a leap forward on Tuesday. Although the gains were restricted due to the clouds of economic concerns hovering over the global market. International Brent went up by 1.1% and was traded at $59.64 per barrel. WTI increased by 1.2% and was traded at $51.09 per barrel.
China’s trade fell flat on the weakening imports and exports, revealed Chinese data. This led to a steep decline in the crude market weighing down oil prices on Monday. China is the world’s biggest trading nation and second-largest crude oil consumer and thus, its weak market position has affected the global market. Brent slipped by 0.9%, to $59.91 per barrel. WTI went down by 0.9%, to $51.12 a barrel.
Oil prices fell on Friday on the back of global economic concerns. But the market has been kept on track for a strong weekly climb with the help of the output cuts agreed by major exporters. International Brent went down by 0.2% and was traded at $61.55 per barrel. WTI slipped by 0.1% and was traded at $52.52 per barrel.
Signs of improvements in US-China relations sent oil prices uphill today. Benchmark Brent crude futures leaped 1.3%, to $59.47/barrel. US WTI crude futures jumped 1.5%, to $50.53/barrel. WTI has crossed the $50 a barrel-mark for the first time this year. Talks between Beijing and Washington continued for a third day on Wednesday. According to China Daily, Beijing is keen on to put an end to the trade war.
Tuesday saw a small jump in the oil prices across the International market. Investors inclined towards the notion that the talks between US and China might resume trade between the countries, while OPECs supply cut decision tightened markets. Benchmark Brent crude futures rose by 0.8%, and were traded at $57.77 per barrel. US WTI crude oil futures climbed 0.7%, and were priced at $48.85 a barrel.
Crude market started the week with optimism as oil prices increased substantially on Monday. US- China trade talks which were scheduled to start from Monday are expected to resolve the prolonging dispute between the two nations. The supply cuts from major producers has also supported the prices. Brent went up by 1.2% and was traded at $57.75 per barrel. WTI was up by 1.3%, at $48.60 per barrel.
Oil prices rose on Friday on the back of China's declaration of holdig a talk with the US government. The world's two major economies have been in a trade dispute from a long time and will meet in the coming week to discuss solutions. Meanwhile, Brent futures went up by 0.7% and were traded at $56.33 a barrel. WTI climbed up by 1.4 % and was traded at $47.73 per barrel.
An overnight crash of US dollar by more than 3% against Japan’s yen led to a state of chaos in the stock and currency market. Amidst all this turmoil and increase in crude supply, oil prices tumbled on Thursday. WTI was weighed down by 1.3% and was traded at $45.93 per barrel. Brent slipped by 0.7% and was traded at $54.55 per barrel.
Oil prices dropped on Wednesday owing to surging US output and sign of shrinkage in China’s factory activity. This slowdown in China’s factory activity has occurred for the first time in 19 months. Brent slipped by 0.6% and was traded at $53.47 per barrel. WTI went down by 0.2% and was traded at $45.32 per barrel. Analysts say that the outlook for 2019 is riddled with uncertainty.
Oil prices take a leap of 3% on Friday to cover the previous session losses. Despite this recovery, the market is still under pressure because of global economic concerns and increase in the US crude stockpiles. Brent went up by 2.26% and was traded at $53.34 a barrel. WTI increased by 2.26% and was traded at $45.62 a barrel.
Oil prices dipped on Thursday denying support from surging stock market. The market stumbled upon the global economic concerns and was weighed down by the worries of future supply glut. Brent went down by 0.15%, at $54.39 a barrel. WTI futures dipped by 0.19% and were traded at $46.13 per barrel. According to the recent OPEC meeting, output will be limited by 1.2 million bpd in January.
On Wednesday, US oil prices rebounded after falling to the lowest since June 2017. The global economy is still a concern for the crude market in the longer run. WTI went up by 0.68% and was traded at $42.82 per barrel, while Brent crude futures dipped by 0.22% and were traded at $50.36 a barrel. As stated by a market analyst, Brent touching $50 is a psychological support.
Oil prices climbed back on Friday on the back of production cuts by OPEC which will start from next month. Brent crude futures increased by 1.51% and were traded at $55.17 per barrel. WTI was up by 1.53%, at $46.58 per barrel. In an attempt to bring the crude prices back on hike sprint, OPEC will reveal a table of output cut quotas for its members and allies.
On Wednesday, US oil prices recovered from their 5% losses in the previous session. The growing oversupply concerns have an adverse impact on the market. US crude increased by 0.8%, at $46.24 per barrel. Brent climbed up by 0.85%, at $56.75 per barrel. ONADA’s Head of Trading for Asia-Pacific commented that the present market conditions will make the oil prices suffer in future.
Oil prices slumped over 1% on Tuesday. The markets went down for a third straight session when the forecasts revealed record shale output in the US. Brent crude futures went down by 1.2% and were traded at $58.90 per barrel. WTI slipped by 1.2% and were traded at $49.27 per barrel. The repercussions of production cuts planned by OPEC and the worries of future oil demand affected the market.
Brent crude was weighed down over demand concerns on Monday. The slow growth of major economies is affecting the Brent prices. While on the other hand, US drilling activity slipped to its lowest in about two months which held the US oil markets steady. Brent dipped by 0.2% and was at $60.16 per barrel whereas, WTI crude futures were up by 0.3% and were traded at $51.33 per barrel.
Highlighting the risks of the country’s trade dispute with the US, China has reported some of its slowest growth in years in retail sales and industrial output. Following this, oil prices dipped on Friday. Brent went down by 0.6% and was traded at $61.09 per barrel. WTI crude slipped by 0.2% and was traded at $52.47 per barrel. Slowing down of the Chinese economy is a concern but demand still stays strong, as stated by an industry official in Tokyo.