Connect with us

Commodities

Crude Oil slipping half a percent to the weakest closing price since Feb

Published

on

U.S. West Texas Intermediate crude futures settled 25 cents lower at $53.25 per barrel, slipping half a percent to the weakest closing price since Feb. 12. Earlier in the session, WTI hit a session high of $54.63 per barrel.

Concerns that a U.S.-China trade war, and threats of tariffs on Mexico from the United States, would diminish global crude demand, however, weighed on oil prices.

“Focus has shifted from the supply to the demand side as a U.S.-China trade agreement has proven elusive and as worries over the debilitating effects of tariffs on global economic growth have now shifted to Mexico,” Jim Ritterbusch of Ritterbusch and Associates said in a note. – read more

Most of the movement for oil has been based on “economic concerns of weakened growth because of the potential impact of [the] trade situation,” said James Williams, energy economist at WTRG Economics. U.S. tariffs on Mexican goods have added to the concerns about China, he said. – marketwatch.com

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Commodities

Crude Oil Slumps – On Recession Fears And Oversupply Concerns

Amidst the declining economic growth and OPEC+’s supply cuts, oil industry braces for possible economic headwinds.

Published

on

By

The recent streak of oil market dips has been due to a faltering global demand for oil as a result of the trade war and oversupply concerns.

The Recession Fears
Oil prices weakened on Thursday as worries about the global economy weighed and equity markets were under pressure as uncertainty over the outlook for U.S. interest rate cuts left investors on edge. – cnbc.com

Adding to the Oversupply Concerns.
The US will sell another 10 million barrels of sour crude oil, the Department of Energy said on Wednesday in a Notice of Sale, according to S&P Global Platts. – oilprice.com

Continue Reading

Commodities

More Countries are turning to China for Help

Published

on

By

Libya NOC representatives traveled to China today to discuss China’s interest in helping to restore Libya’s oil industry that has suffered through years of civil unrest, according to the Libya Observer.

While there, the Libyan delegation met with CNPC and other companies to discuss “cooperation in Libyan exploration and development, oilfield services, and trading of Libyan crude, with parties, potentially cementing future relations through the signature of a memorandum of understanding (MoU) at their next meeting,” NOC’s statement read.

“With a more stable security environment, we could easily add between 300-400,000 barrels to daily production and grow oil revenue receipts. Our long-term strategy is to produce 2.1 million bpd by 2023. China can help us on that journey,” NOC Chairman Mustafa Sanallah said. – https://oilfieldforums.com

Continue Reading
Advertisement Oilfield Forums
Advertisement Oilfield Forums
Advertisement

Fracking Categories

Tags

Trending