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Oil Prices Erase Gains Despite String Of Bullish News

By Tsvetana Paraskova – August 30, 2019, 11:00 a.m. CDT

Wolfcamp platform

Oil prices were sharply declining on Friday morning, after it seemed that they were heading for their biggest weekly gain since early July, thanks to a large US inventory draw. UU. rhetoric of war.

At 09:50 a.m. EDT on Friday, WTI Crude dropped 0.78 percent to $ 56.27 and Brent Crude dropped 0.55 percent to $ 60.16. But at 11:48, prices slid further into bearish territory as badysts cut price forecasts citing the ongoing trade dispute between China and the United States.

WTI, however, was still ready to finish higher per week.

At the end of last week, China and the United States exchanged tariff and anti-tariff announcements, and Beijing said first that China would apply tariffs to a range of US products worth US $ 75 billion, including crude oil, in two lots from September 1 to December 15. The president of the United States, Donald Trump, retaliated with announcements of higher rates in chinese products. The escalation in the dispute caused oil prices to fall last week and triggered new forecasts.

Oil prices continue to be limited by concerns about global economic growth and the growth of oil demand, but a major attraction in US oil inventories raised the price of oil in the middle of the week.

The Energy Information Administration (EIA) reported on Wednesday a withdrawal of 10 million barrels in crude oil inventories, following the calculation of the American Petroleum Institute of an inventory withdrawal of 11.1 million barrels, published on Tuesday. The estimate led WTI Crude to the highest intraday earnings in two weeks.

On Friday, Hurricane Dorian somewhat supported oil prices, which is approaching the Atlantic coast of Florida and could enter east of the Gulf of Mexico next week. The refineries monitor the hurricane's path.

By Tsvetana Paraskova for Oilichelin

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