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Oil prices gained in the international market on Friday, over growing tensions in the Middle East which has stoked concerns of potential supply disruptions. Brent crude futures rose 0.3% to $72.82 a barrel. WTI crude futures, on the other hand, climbed by 0.5%, and were priced at $63.18 per barrel. Several air strikes by a Saudi-led military coalition were carried out on the Houthi-held capital Sanaa yesterday.
Fear of supply disruptions due to the risks of conflict in the Middle East helped the oil prices surge high on Thursday. Brent crude increased by 0.5% and was traded at $72.16 a barrel. WTI went up by 0.6% and was traded at $62.41 per barrel. OPEC led restrictions are now having a profound effect when US sanctions on OPEC members are increasing the supply losses.
Oil prices climbed up on Tuesday. However, the prices were pulled lower due to the increasing tension over US-China trade war. Benchmark Brent was up by 0.1% to $70.30 a barrel. WTI increased by 0.1% to $61.11 per barrel. “This ramp-up in trade tensions, which I don’t really think people saw coming, is going to have an impact, a broad impact,” said the senior economist at National Australia Bank.
Oil prices remained mixed in the international market on Monday with concerns of slow economic growth due to US-China trade war weighing heavy on the investors. Brent crude futures climbed by 0.2% to $70.73 a barrel. US WTI crude futures were up by 0.2% to $61.58 per barrel. The battle between the US and China intensified last week with the US imposing high tariffs on $200 billion worth of Chinese goods.
Amidst the fear of investors that the tariff war between the US and China would harm the global economic growth, oil prices climbed up on Friday. The price rose on the back of hope that a deal could be struck between Washington and Beijing in the near future. Benchmark Brent went up by 0.7% and was traded at $70.85 a barrel. WTI increased by 1% and was traded at $62.29 per barrel.
Oil prices held tight in the international market today, amid US sanctions on Venezuela and Iran. Brent crude oil futures were traded at $69.94 per barrel, up 0.1%. U.S. West Texas Intermediate (WTI) crude futures rose 0.3%, to $61.56 per barrel. Oil prices recovered from the downfall earlier this week, triggered by announcements of the US levying even higher import tariffs on Chinese goods.
Oil prices held steady in the international market on Tuesday, torn by US sanctions and a renewed US-China trade war. Brent crude oil futures dropped to $71.16 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose to $62.29 per barrel. Tightening sanctions on Iran and Venezuela has left oil exports from the countries in turmoil. Yesterday, the US confirmed about boosting its military presence in the Middle East.
Oil prices experienced a sharp decline in the international market on Monday, forced down by the threat of a renewed US-China trade war. Brent crude oil futures plunged 2.1%, and were traded at $69.34 per barrel. U.S. West Texas Intermediate (WTI) crude futures dipped 2.4%, and were priced at $60.44 per barrel. US President Donald Trump yesterday tweeted that higher tariffs will be imposed on Chinese goods this week.
Oil prices experienced a steep fall on Friday due to an expected increase in output from the producer club OPEC. Brent slipped 0.3% and was traded at $70.56 per barrel. WTI went down and was traded at $61.74 per barrel. With the improvement in the export infrastructure of the US, analysts predict further supply increase from the nation.
Oil prices tumbled on Thursday due to the record US crude production. This resulted in a significant increase in the stockpiles. Benchmark Brent dipped 0.1%, to $72.09 per barrel. WTI decreased and was traded at $63.58 per barrel. The crude market is strained outside US due to the expiration of US sanction waivers against Iran, worsening political crisis of Venezuela and OPEC led supply cuts.
An API report on rising US crude stockpiles sent oil prices on a downhill journey on Wednesday. Brent crude futures dropped 0.6%, and were priced at $71.65 per barrel. On the other hand, US WTI crude futures fell 0.8%, to $63.49 per barrel. Industry group, API reported a rise of 6.8 million barrels in U.S. crude stocks, putting the inventory volume at the mark of 466.4 million barrels.
Oil prices fell in the international market on Tuesday amidst hopes of escalation in crude production by the US and OPEC. Brent crude futures were down 0.4% and were priced at $71.75 per barrel. US WTI crude futures fell 0.2%, to $63.35 per barrel. The uphill journey of oil prices was offset by a statement from President Donald Trump where he openly pressured OPEC and Saudi Arabia to raise output.
Friday saw oil prices dropping further on hopes of output raise by OPEC to offset the decline in exports from Iran due to US sanctions. Brent crude dipped 0.3%, and were traded at $74.16/barrel. US WTI crude saw a drop of 0.6%, and were priced at $64.83/barrel. Washington announced an end to all sanction waivers on Monday, in a bid to drive Iran’s oil exports down to zero.
Oil prices took a fall in the international market on Thursday, owing to US pumping record crude offsetting the influence of U.S. sanctions and OPEC-led supply cut. International Benchmark Brent crude futures lowered 0.3%, to $74.35 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 0.4%, to $65.60 per barrel. An EIA report released on Wednesday depicted a rise of 1.3 million barrel in US crude inventories last week.
After jumping to the 2019 high in the previous session, oil prices slipped on Wednesday. Washington's move to pressurize Iran was weighed down by the signs of surplus supply in the global market. Brent crude went down 0.4% and was traded at $74.24 per barrel. WTI decreased 0.4% and was traded at $66.02 per barrel.
The announcement by Washington to end all the US sanctions waivers by May end weighed heavy on the market on Tuesday with oil prices jumping to near 2019 highs. This US strategy will bring the importers of Tehran crude under pressure. Amidst this commotion in the market, Brent soared as high as $74.40 per barrel, increasing 0.5%. WTI touched the highest since October 2018 after reaching $65.95 per barrel.
The oil prices surged by more than 2% on Monday and reached 6 months high. According to the reports, Washington is planning to end the imports of Iranian crude which further supported the crude market. Brent increased 2.5% and was traded at $73.77 per barrel. WTI rallied by 2.2% and was traded at $65.39 per barrel.
Oil prices dropped in the international market today despite tight market due to a surprise slump in US crude inventories. Brent crude oil futures dropped 0.2%, to $71.51 a barrel. US WTI crude futures dipped 0.1% and were priced at $63.67 per barrel. U.S. crude inventories collapsed by 1.4 million barrels in the last week, in comparison to analysts’ expectation for an increase of 1.7 million barrels.