Tuesday, 16 October 2018
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Oil Holds as Trade Fears Weighed Against US Rigs and Rhetoric
Monday, 23 July 2018 12:50 WIB | ENERGY |BrentMinyak WTIOil,

Oil traded near $68 a barrel as investors assessed the impact of escalating trade frictions between the world's two biggest economies against a decreasing number of American oil rigs and rising rhetoric between the U.S. and Iranian presidents.

September futures in New York were little changed following a third straight weekly decline. The world's top finance chiefs warned on Sunday that trade tensions threatened global growth as the engines of leading economies fall out of sync. The U.S. rig count fell by the most since March, while President Donald Trump launched a new broadside against Iran and warned of œconsequences if counterpart Hassan Rouhani again threatened America.

West Texas Intermediate crude for September delivery traded at $68.18 a barrel on the New York Mercantile Exchange, down 8 cents, at 1:26 p.m. in Singapore. The August contract, which expired Friday, closed 1.4 percent higher at $70.46 a barrel. Total volume traded was about 52 percent below the 100-day average.

Brent for September settlement lost 6 cents to $73.01 a barrel on the London-based ICE Futures Europe exchange. Prices fell 3 percent last week. The global benchmark crude traded at a $4.84 premium to WTI.

Futures fell 0.6 percent to 490.3 yuan on the Shanghai International Energy Exchange. The contract increased 0.5 percent last week.

Source : Bloomberg

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