Oil prices fall due to renewed commercial uncertainty among the US and China


The trade war between the two largest world economies led analysts to lower their oil demand forecasts.

Oil prices fell on Friday, pressured by the prolonged uncertainty about how close Washington and Beijing are to a trade agreement and the increase in crude oil inventories in the United States.

The Brent international benchmark was down US $ 1.14, or 1.83%, to $ 61.15 a barrel, on the way to closing the week with a 0.5% decline.

Meanwhile, the West Texas Intermediate (WTI) in the United States yielded $ 1.03, or 1.84%, to $ 56.1 a barrel.

The 16 months of the commercial war between the two largest world economies has slowed global economic growth and led analysts to lower their demand for oil demand, raising fears of excess supply in 2020.

The Chinese Ministry of Commerce said Thursday that both countries agreed in the last two weeks to cancel trade tariffs at different stages, without providing a timetable. However, the comment was questioned by a Reuters report that said the plan faces tough internal opposition in the White House.

Crude oil prices have also been pressured since the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Mohammad Barkindo, said this week that he is more optimistic about the outlook for 2020, which seemed to diminish any need to reduce supplies more deeply.

The agreement in force between OPEC and a group of allies led by Russia plans to limit pumping until March next year. The signatories will meet on December 5 and 6 in Vienna to assess the progress of their pact.

* US oil inventories rose sharply last week, as refineries lowered their production and exports fell, the government Energy Information Administration (EIA) said on Wednesday.

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