Oil falls for a third week on global trade worries
Saudi Arabia expects to cut August exports by 100,000 bpd but China-US tensions could drag on oil demand
London — Oil prices came under pressure on Friday from US-China trade tensions and were on course for a third straight week of falls. Brent oil fell 14c to $72.44 a barrel by 10.50am GMT. The expiring US West Texas Intermediate (WTI) crude for August delivery was up 8c at $69.54 a barrel, while the September contract fell 18c to $68.08. US President Donald Trump said in a CNBC interview that he was ready to put tariffs on $500nm of imported goods from China. Lower oil demand in the US and China, caused by an economic slowdown from their trade dispute, would likely weigh heavily on markets. On Friday, the People’s Bank of China (PBOC) reduced its mid-point for the yuan for the seventh straight trading day to the lowest in a year. The yuan then retreated to a near 13-month low, though it rebounded later in the day. Trump also said he was concerned that the Chinese currency was "dropping like a rock" and the strong US dollar "puts us at a disadvantage". The US accounted for about a fif...
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