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Oil prices rose today, over attacks on Iranian oil tanker, and easing tensions between the US and China. While Brent crude was traded at $60.60 a barrel, the US WTI crude futures were priced at $54.79 a barrel. Investigations are currently underway over the attack on an Iranian oil tanker, off Saudi Arabia’s coast. Markets were also lifted by Washington’s goodwill move to hold threatened tariffs on Chinese products.
Oil cartel OPEC has dropped hints on deeper supply cuts in future. International market extended gains over this news and showed optimism over talks between US and China to end trade war. Brent increased by 0.4% and was traded at $59.34 a barrel. WTI went up by 0.37% and was traded at $53.74 per barrel.
Oil prices fell on Thursday, stressed by the dimming hopes of the US and China reaching a trade deal, adding to the concerns of lower fuel demand. Brent crude fell 0.2%, and was priced at $58.21 a barrel. US WTI crude slipped 0.2%, to $52.48. Analysts at Phillip Futures said, “Should U.S.-China trade negotiations take a turn for the worst, market pessimism will impose sharp negative pressures on oil prices.”
Oil prices slipped in the international market on Wednesday, pushed down by the dimming outlook towards the US and China striking a trade deal. Brent crude was priced 0.5% lower, at $57.97 a barrel. US WTI crude dipped 0.5%, to $52.38 a barrel. Hopes of a deal between the two economic giants took a hit as the US enforced visa restrictions on Chinese officials for Muslim minority abuse.
Oil prices climbed up in the international market on Tuesday, buoyed up fears of overnight jumps in industrial commodities. Brent crude were priced 0.7% higher, at $58.73 a barrel. US West Texas Intermediate (WTI) crude rose 0.6%, to $53.08 a barrel. Michael McCarthy, chief market strategist at brokerage CMC Markets informed that Copper and Aluminium traded very strongly in London, suggesting some correction currently underway in industrial commodities.
Oil prices continued their journey downhill today, stressed by fears of a global economic slowdown, while traders hope of progress in US-China talks. Brent crude futures LCOc1 were priced at $58.09 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 was traded at $52.64 a barrel. US and Chinese officials are set to convene in Washington on Oct. 10-11 in a fresh effort to reach a deal.
Oil prices made gains in the international market on Friday, though slower economic growth continued to push crude futures for a weekly loss. Brent crude futures LCOc2 climbed 0.1%, to $57.79 a barrel. US WTI crude CLc1 futures were priced 0.2% higher, at $52.57 a barrel. Data released on Thursday showing weak growth in the US services sector and jobs contributed to concerns about global oil demand.
Weak economic data led to the further downfall of oil prices on Thursday. Also larger than expected rise in US crude inventories had an adverse effect on the fuel demand outlook. Brent went down by 0.3% and was traded at $57.52 a barrel. WTI went down by 0.2% and was traded at $52.55 a barrel. EIA on Wednesday informed about the 3.1 million barrels rise in US crude inventories.
Oil prices jumped in the international market today, as global oil production fell in the third quarter. Brent crude futures LCOc2 climbed 0.7% to $59.69 a barrel. US West Texas Intermediate crude CLc1 rose 0.7%, to $54.46 a barrel. A Reuters survey showed a fall of 750,000 bpd in OPEC’s September output to 28.9 million bpd. Production at the United States and Russia also dipped in July and September, respectively.
On Monday. oil prices climbed on the back of increased production in the Chinese factory. It also eased the concerns of China's ongoing trade war with the United States. Brent increased and was traded at $62 a barrel. WTI went up and was traded at $56.04 a barrel. Meanwhile, there have been warnings from Saudi crown prince that oil prices could spike to “unimaginably high numbers”.
Oil prices extended losses on Wednesday after Trump's comments drenched the market's optimism on trade talks between the US and China. The clouds of concerns over plunging demand and global economic growth kept the market down. Brent went down to $62.64 a barrel. WTI slipped and was traded at $56.89 a barrel. Trump condemned China's trade policies in the UN General Assembly and denied accepting "bad deal" in trade negotiations.
Oil prices slipped on Tuesday over weak manufacturing data from Europe and Japan. The data shifted the focus of the market from Saudi crisis to the global demand concerns. Brent went down to $64.42 a barrel. WTI decreased to $58.36 a barrel. On the other side of the world, Britain, Germany and France came in support of the US and blamed Iran for the Saudi oil attack.
Oil prices climbed in the international market on Monday, buoyed up by supply concerns from Saudi Arabia and heightened tensions in the Middle East. Benchmark Brent crude futures LCOc1 jumped 0.9%, to $64.84 a barrel. US WTI crude futures CLc1 were traded 0.9% higher, at $58.61 a barrel. Buyers and traders have remained doubtful, despite Saudi Arabia’s continued reassurance of oil supply to the global market.
Tension in the Middle East escalated the journey of oil prices uphill on Friday. This is the result of a military operation by Saudi in Hodeidah. Brent increased by 7.7% this week while WTI went up and was traded at $58.79 a barrel. Further, US and Saudi Arabia continue slamming Iran for the attack but Tehran denies any involvement.
Oil prices improved after Saudi Arabia assured restoration of full production by September end. Brent increased and was traded at $63.68 a barrel. WTI went up to $58.23 a barrel. Meanwhile, oil analytics has informed about the loss of 3.4 million barrels per day (bpd) of oil output by Saudi. After Saudi pointed fingers at Iran for the attack, Washington has ordered U.S. Treasury to “substantially increase sanctions” on Tehran.
Oil prices slipped on Wednesday as Saudi Arabia assured full restoration of oil production by month’s end, but were capped by looming cuts in US interest rates. Benchmark Brent crude futures were traded 0.1% lower, at $64.50 a barrel. WTI crude futures, on the other hand, dropped 0.5% to $59.06 per barrel. Saudi Energy Minister yesterday reassured markets about restoring the lost oil production by month-end.
The international market witnessed a drop in oil prices on Monday. The market is waiting for the response on the attack on Saudi facilities which brought down the kingdom's production. Brent dropped down by 1.1%, at $68.25 a barrel. WTI slipped by 1.3%, to $62.08 a barrel. This attack has led to a significant surge in the volatility of the market which otherwise was subdued due to US-China trade war.
The attack on Saudi Arabia's crude facilities has brought down the global oil supply down to more than 5%. The oil prices surged on Monday to four-month highs. WTI climbed by 11% to $61.10 a barrel. Brent crude went up by 13%, to $68.06 a barrel. This attack has made the investors worry more about the geopolitical tension in the region and deteriorating relations of Iran and the USA.