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Oil prices fall but weekly maximum increase from July

Brent futures have gained of more than 2% for the week and WTI futures have increased of nearly 4%
15:37, 30 August 2019

Yahoo Finance

Oil prices have fallen a bit but show the weekly maximum increase from July, as Reuters reports.

Brent futures have gained of more than 2% for the week and WTI futures have increased of nearly 4%.

The maximum weekly price growth is connected with the shortening of the U.S. oil stocks, the upcoming hurricane to Florida and difficult trade relations between the USA and China. 

Related: Russia, Saudi Arabia agree to prolong OPEC oil agreement

It is noted that both countries have recently suggested resumption of trade negotiations and announced the next round in September.

Reuters

But in the meantime, the approach of Hurricane Dorian toward Florida earlier raised fears that offshore U.S. crude producers may suspend output if the storm passes into the Gulf of Mexico over the weekend.

Related: Unclaimed "black gold": Why Ukraine’s oil production is not growing?

Last month, Hurricane Barry prompted offshore oil companies to shut as much as 74% of production, lifting U.S. crude prices, before it weakened to a tropical storm.

 

 

 

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Система Orphus

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