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Oil prices showed signs of improvement on Tuesday as the US-China trade talks progress towards resolving the dispute. However, the market gains were contained due to global economic slowdown indicating a drop in crude demands. Brent increased by 0.2% and was traded at $59.10 a barrel. WTI went up by 0.3% and was traded at $53.49 per barrel.
Oil prices dipped in the international market on Friday, as China registered its weakest quarter in terms of economic growth in almost three decades. Brent crude was down by 0.4%, to $59.70 a barrel. US WTI crude also slipped 0.1%, to $53.89 per barrel. China’s gross domestic product (GDP) growth slowed to 6% year-on-year in the third quarter, declining to its weakest pace in 27 and a half years.
Oil prices tumbled in the international market on Thursday, pushed down by API data showing unexpectedly large build up in the US crude stockpiles. Brent crude were priced 1% lower, at $58.85 a barrel. US WTI crude also dipped 1%, to $52.80 a barrel. API data released yesterday showed a rise of 10.5 million barrels in U.S. crude inventories, to 432.5 million barrels in the week to Oct. 11.
Oil prices increased on Wednesday with the rise of equities. Investors are hoping for a potential Brexit deal between Britain and the European Union which had an impact on the market. Brent rose and was traded at $58.95 a barrel. WTI gained 0.3% and was traded at $52.97 a barrel. According to the analysts, any deal which will avoid "hard" Brexit might boost economic growth and oil prices.
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 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.