Oil still on course for biggest weekly loss of the year so far
Oil prices are up slightly on the day but are still falling on soaring US inventories, the US-China trade conflict, and Opec supply cuts
London — Oil rose towards $69 a barrel on Friday after two sessions of losses, but remained on track for its biggest weekly drop this year due to rising inventories and concerns of an economic slowdown. US crude inventories rose to hit the highest since July 2017, suggesting ample supplies in the world’s top consumer. Meanwhile, worries that the US-China trade is developing into a more entrenched dispute have also hit prices. “Clearly, bargain hunters are back in town,” Naeem Aslam, chief market analyst at TF Global Markets, said of the bounce. “However, it is still set to record the worst week of the year and this is due to the increase in trade war tensions between the US and China.” Brent crude, the global benchmark, rose 85c to $68.61 a barrel at 8.57am GMT. It was still set for a decline of more than 5% this week. US West Texas Intermediate (WTI) crude added 75c at $58.66. Some analysts expect gains to be short-lived. “Without a resolution to the ongoing trade dispute quickly, ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.