Oil Set for Weekly Loss as Trade War Looms, Libya Boosts Output
Friday, 13 July 2018 07:38 WIB | ENERGY |Minyak WTIMinyak jenis Brent

Oil is poised for the biggest weekly loss in almost two months as an escalating trade war between the U.S. and China threatens economic growth and Libya said it expects to boost output.

Futures in New York plunged 4.7 percent this week as U.S. President Donald Trump threatened to slap tariffs on $200 billion of Chinese imports, prompting a selloff in broader financial markets. Meanwhile, Libya is set to release thousands of barrels a day into the oil market in coming days as the OPEC member restarts production from a key western field.

West Texas Intermediate crude for August delivery traded at $70.29 a barrel on the New York Mercantile Exchange, down 4 cents at 9:14 a.m. in Tokyo. Total volume traded was about 66 percent below the 100-day average.

Brent for September settlement lost 14 cents to $74.31 on the London-based ICE Futures Europe Exchange. Prices are down 3.6 percent this week. The global benchmark traded at a $5.06 premium to WTI for the same month.

Source: Bloomberg

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