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Oil prices climbed up on the back of tensed US markets on Monday. The forthcoming sanctions against Iran are taking over the crude market. J.P. Morgan, the US bank has warned against the price hike above $90 per barrel in coming months. Brent has increased by 1.2% and was traded at $79.71 per barrel. U.S. West Texas Intermediate (WTI) rose by 1.1% and was traded at $71.53 a barrel.
Oil prices fell today as US President Trump insisted OPEC to lower crude prices. International benchmark Brent crude LCOc1 dipped to $78.67 per barrel. US West Texas Intermediate crude CLc1 dropped to $70.16 per barrel. A meeting of OPEC and other oil producing nations in Algeria is on the schedule this Sunday. The cartel will discuss how to allot supply increments to counterbalance the shortage of Iran crude supplies.
On Thursday, US inventories climbed down and the demand of US gasoline decreased substantially. Moreover, OPEC’s decision not to increase output even though Iran’s supply will shrink, has supported the crude market. Following this, oil prices increased for the third time in the week on Thursday. Brent crude went up by 0.3% and was at $79.60 a barrel and WTI climbed up by 0.8% and was at $71.67 a barrel.
Surprisingly, the US crude stock grew significantly and this led to the fall in oil prices on Wednesday. API released a data in which the it was found that US crude inventories jumped to 397.1 million in the week to Sept. 14, which is opposite to what was the expectations of analyst. Brent slipped by 0.28%, at $78.81 per barrel and WTI went down by 0.20%, at $69.71 a barrel.
With the troubled demand side of the crude market due to the increased Sino-US trade war, the oil prices fell down on Tuesday. The supply concerns of the market tried to provide a ground to the prices, which helped a little. Brent futures went down by 0.35% and was traded at $77.78 per barrel, while WTI decreased by 0.46% and was traded at $68.59 per barrel.
Concerns over deepening trade tension between US and China sent oil prices down today. Brent crude oil futures fell by 0.2% to $77.93 per barrel. US West Texas Intermediate (WTI) futures dropped by 0.3% to $68.79 a barrel. If sources were to be believed, the US is planning to impose tariffs on about $200 billion on Chinese imports, and an announcement regarding the same might come on Monday.
Oil prices recouped from the losses yesterday rising above concerns of trade disputes reducing the fuel demand. International benchmark Brent crude rose by 0.1%, at $78.26 a barrel. US West Texas Intermediate (WTI) futures climbed by 0.2%, priced at 68.76 per barrel. Earlier on Wednesday, tightening oil market sent Brent crude to its highest since May at $80.13.
Turning the tables for first time this week, oil prices lost the ground on Thursday. The fall back has been due to the rising economic concerns on the continuously growing fuel demand. Brent crude slipped by 0.5% and was at $79.36 a barrel while, WTI decreased by 0.6%, at $69.91 per barrel. The ongoing trade war between US and China is creating tariff wounds for the American companies in China.
Falling US crude inventories helped oil prices gain some more today. Brent crude futures LCOc1 jumped 0.4%, trading at $79.34 per barrel, just shy of the $80/barrel mark. US West Texas Intermediate (WTI) crude futures CLc1 rose by 0.9%, trading at $69.84 per barrel. Reports coming from the American Petroleum Institute (API) showed a decline of 8.6 million barrels in the U.S. crude stocks in the week to Sept. 7.
Oil prices gained ground on Tuesday because of fast approaching dates of US sanctions against Iran which is evidently affecting the petroleum industry. Although the market had signs of increased supplies from producers like the United States and Saudi Arabia that could make up for the supply disruptions from Iran. Brent increased at $77.48 a barrel and WTI went up and was at $67.61 per barrel.
Oil prices climbed on the back of delayed US drilling for new production. The market conditions are becoming tighter, with an impact on the oil prices owing to the upcoming US sanctions on Iran. Brent crude went up by 0.65% and was traded at $77.33 a barrel and WTI futures increased by 0.65% and was traded at $68.19 per barrel.
With the deadline of potential new round of tariffs on Chinese goods approaching, oil prices fell today in the market. International Brent crude futures LCOc1 dropped by 0.4%, to $77 a barrel. US West Texas Intermediate (WTI) crude futures CLc1 were priced at $68.47 per barrel, trading 0.4% lower from their last settlement. Experts are of the opinion that President Donald Trump will undoubtedly enact the additional levies.
Oil prices crawled down on the back of not so strong U.S. Gulf coast tropical storm, on Wednesday. After taking a leap the previous day, the news that the tropical storm did not affect the production of the US Gulf coast much reversed the market growth. Brent fell down by 0.4, at $77.83 a barrel while WTI went down by 0.8 % and was traded at $69.34 per barrel.
Oil prices climbed past $70 per barrel today, following an evacuation procedure at two Gulf of Mexico oil platforms ahead of the hurricane Gordon. Though International Brent crude futures were trading lower at $78.07/barrel, U.S. WTI crude futures were priced 0.4% higher, at $70.05 per barrel. Oil prices were also impacted by the news of India allowing import of Iranian oil if Iran arranges and insures tankers.
Rising supply from the United States and OPEC sent oil prices down today. Benchmark Brent crude oil futures LCOc1 were priced at $77.43 per barrel, declining by 0.3%. US West Texas Intermediate (WTI) crude futures CLc1 were trading down by 0.3%, at $69.62 per barrel. A Reuters’ survey indicated 220,000 bpd rise in OPEC’s crude production for last month. Meanwhile, BHGE reported addition of oil rigs in US.
Rising concerns over US-China trade war sent oil prices down today. International Brent crude oil futures were down by 0.3% from their last close, traded at $77.55 per barrel. US West Texas Intermediate (WTI) crude futures dropped to $70.19 a barrel. Crude markets posted more than 4% rise for Brent and 2% increase for WTI, in the month of August.
Oil prices, today, rose over a drop in U.S. crude inventories, supported by the expected disruptions in supply coming from Iran and Venezuela. Benchmark Brent crude oil futures LCOc1 edged up to $77.21 per barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose to $69.65 a barrel. US crude inventories were down by 2.6 million barrels to 405.79 million barrels, in the week that ended on Aug 24th.
Oil markets showed stability on Wednesday supported by the US sanctions. The sanctions have resulted in supply reduction from Iran. At the same time, the market was held by the climbing production rate outside OPEC. International Brent crude increased and was traded at $76 per barrel while US WTI to $68.59 a barrel.