Oil Trims Steep Weekly Loss as U.S. Warship Downs Iranian Drone
Friday, 19 July 2019 09:50 WIB | COMMODITY |MinyakWTIBrent

Oil snapped four days of losses after an American warship downed an Iranian drone near the Strait of Hormuz, stoking concerns crude flows from the Middle East may be disrupted.

Futures rose as much as 1.9% in New York. The U.S. œimmediately destroyed the drone that approached the USS Boxer, President Donald Trump said on Thursday at the White House. Prices are still down almost 7% this week after Trump on Tuesday reiterated that he could impose additional tariffs on Beijing, China™s economic growth slowed to the weakest pace in almost three decades in the second quarter and as American fuel stockpiles unexpectedly expanded.

Iran could close the Strait of Hormuz but doesn™t want to do it because the waterway and the Persian Gulf are its lifeline, Foreign Minister Mohammad Javad Zarif said Wednesday in an interview with Bloomberg Television. Still, oil is heading for the steepest weekly decline since the end of May as concerns about global demand eclipse fears about a cut to Middle East crude flows.

West Texas Intermediate for August delivery increased 94 cents, or 1.7%, to $56.27 a barrel on the New York Mercantile Exchange as of 10:09 a.m. in Singapore after gaining as much as $1.04 earlier. The contract lost $1.48 to $55.30 on Thursday, the lowest close since June 19.

Brent for September settlement rose $1.23 to $63.16 a barrel on the ICE Futures Europe Exchange. It fell 2.7% to $61.93 on Thursday and is also set for the biggest weekly loss since the end of May. The global benchmark crude traded at a premium of $6.80 to WTI for the same month.

Source : Bloomberg

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