Oil Heads for a Fourth Weekly Drop as Trade War Fears Linger
Friday, 27 July 2018 14:00 WIB | ENERGY |WTIBrentMinyak WTIOil,

Oil is poised for a fourth weekly decline as the unexpected halt in Saudi shipments via a Red Sea waterway was seen as short-lived, while concerns lingered over how the U.S.-China trade spat will affect demand.

Oil has lost about 6 percent this month as a trade battle between the U.S. and China shows no signs of letting up, raising fears it™ll damp oil demand growth even as tensions between the U.S. and the European Union eased. Investors are also watching production from OPEC to see if the group can offset losses from Iran as the U.S. reimposes sanctions. President Donald Trump warned of œconsequences if Iran™s president Hassan Rouhani again threatened America.

West Texas Intermediate crude for September delivery was down 6 cents at $69.55 a barrel on the New York Mercantile Exchange at 7:33 a.m. in London. Prices are headed for a 6.1 percent monthly loss. Total volume traded was 64 percent below the 100-day average.

Brent for September settlement was down 7 cents to $74.47 a barrel on the London-based ICE Futures Europe exchange, on course for a 2 percent gain this week. The global benchmark was at a $4.92 premium to WTI.

Source : Bloomberg


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