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Oil prices dropped today, stressed by weak Chinese economic data for September, contributing to the concerns about the U.S.-China trade deal feasibility. Brent crude futures LCOc1 were priced 0.5% lower, at $59.067 barrel. US WTI crude futures CLc1 dipped 0.4%, to $53.38 a barrel. “China’s exports and imports shrunk more than expected in September, as ongoing tariffs and a slowdown in global trade undercut demand,” analysts at ANZ bank said.
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 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 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.
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”.
China's oil giant, Sinopec has informed about adding 44.2 billion cubic metres (bcm) of gas reserves in Erdos Basin. This is a new discovery by Sinopec which will take the total gas reserves at the company's Dongsheng gas field to 123.9 bcm. The company is expecting the production capacity of the new field to rise 1.5 bcm by the end of 2019 which is 1.35 bcm at present.
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.
Chinese oil major, CNPC has entered into a contract to supply diesel to Arrow Energy, its Australian JV. The three years long contract will enable CNPC to increase refined oil product sales in Australia, the Chinese oil major said in a statement. Australia’s coal seam gas producer, Arrow Energy is jointly owned by CNPC and Royal Dutch Shell, and was acquired in 2010.
Oil prices rose on Thursday, buoyed up by easing tensions between two of the world’s biggest economies. Brent crude futures LCOc1 climbed 0.7%, to $61.26 a barrel. US WTI futures CLc1 were priced 0.9% higher, at $56.25 a barrel. China exempted a few of the U.S. anti-cancer drugs and other goods from tariffs. US President Trump, on the other hand, delayed the scheduled tariff hikes on Chinese goods.
The new tariffs imposed by the US and China have come into effect. It is seen as a threat to the global economy and demand for crude. This activity led to a decline in oil prices on Monday. Brent went down by 0.5%, to $58.98 a barrel. WTI declined to $55.083barrel. Trump has made an appeal to the American companies to reduce their reliance on China and find alternate suppliers.
Oil prices fell on Tuesday but soon gained ground as equity markets rallied. The optimism of traders that the Sino-U.S. trade tensions would ease also helped the international markets. Brent slipped by 0.05% and was traded at $59.71 a barrel. WTI decreased by 0.3% and was traded at $56.06 a barrel. OPEC has indicated that the market will be in surplus in 2020 in its latest forecast.
Worries about a global economic slowdown have led to the fall of oil prices on Monday. The prices were also affected by the ongoing Sino-U.S. trade war which has also led to a cut in the growth outlook for oil demand. Brent slipped by 0.3% and was traded at $58.35 a barrel. WTI went down by 0.4% and was traded at $54.29 per barrel.
Oil prices dipped in the international market on Friday, stressed by lingering fears of US-China trade war. Benchmark Brent crude futures were down 0.3%, to $57.20 a barrel. US WTI crude was traded 0.9% lower, at $52.45 per barrel. The international market has remained turbulent ever since President Trump revealed plans of imposing 10% tariffs on more Chinese goods and a currency war between the US and China remains imminent.
Oil prices were stable on Wednesday after going through a substantial decline in the initial session. The market is at a major risk due to the intensifying Sino-U.S. trade dispute. International Brent increased by 0.05% and was traded at $58.97 a barrel. WTI, on the other hand fell by 0.15%. Since the announcement by Trump to impose 10% tariff on Chinese imports, Brent has plunged more than 9%.
Oil prices climbed in the international market on Tuesday, as traders risking on sinking prices bought back contracts to gain profits from recent downfalls. Benchmark Brent crude futures LCOc1 rose by 0.8% to $60.28 a barrel. US WTI crude CLc1 futures were traded 0.9% lower to $55.16 per barrel. Analysts said that concerns about trade conflict entering a phase of retaliatory action was offsetting the sentiments in the oil market.
Oil prices dipped on Monday, stressed by a statement from US President indicating imposition of tariffs on more Chinese imports. Benchmark Brent crude dropped 0.8%, to $61.39 a barrel. US crude was traded 0.4% lower, at $55.42/barrel. President Trump last week said that the US will impose a 10% tariff on $300 billion worth of Chinese imports, which will rise if President Xi fails to quickly move towards a deal.
Oil prices recovered from their biggest decline in years on Friday. The prices increased by more than $1. With Trump's decision to increase tariffs on Chinese imports, trade war intensified between the two biggest economies of the world. The crude market had an adverse impact and prices declined. Brent went up by 2.6% and was traded at $62.03 a barrel. WTI rose by 1.9% and was traded at $54.97 a barrel.