The rise in oil prices at the end of the last week intensified based on the news of the introduction of additional duties on the import of Chinese goods into the US and China's intention to respond to this with similar measures. Experts believe that the problems in foreign trade can lead to a slowdown in GDP growth in the US and China, which will reduce the global demand for oil. China in June bought a record 15 million barrels of oil in the US, becoming the largest importer of American oil. The economist at Capital Economics, Tom Pugh, suggested that if the United States imposed new duties, then China would impose a charge on US oil in response. The cost of the October futures for Brent crude on Friday increased by 78 cents to 72 dollars 85 cents a barrel. September futures for oil WTI went up by 88 cents to 67 dollars 69 cents per barrel.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...