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Oil settles anticipation of sabotage attacks in the Gulf and trade war

2019-05-14 11:51 am | Resource: News | No Views : 28

Oil settles anticipation of sabotage attacks in the Gulf and trade war

Oil prices settled slightly higher on Tuesday as the United States and China struck a conciliatory tone on trade talks, and tensions in the Gulf did not seem to amount to military confrontation.

US President Donald Trump said at a White House dinner on Monday he was optimistic about resolving the US trade dispute with China. We will tell you in three to four weeks whether this is successful or not, but I have a feeling that it will be very successful, "Trump said, referring to the US Treasury Secretary. Recent trade talks conducted by Steven Menuchin in Beijing.

China on Monday ignored a Trump warning and said it would raise tariffs on US goods worth $ 60 billion from June 1, in response to the latest round of raising US tariffs.

New attack in the Gulf

Saudi Arabia's energy minister, Khalid al-Faleh, said two pumping stations for the East-West pipeline, which is carrying oil from the fields of the eastern region to the port of Yanbu on the west coast, have been attacked by drone drones. Attack on two pumping stations Saudi oil According to the Saudi Press Agency,

Saudi Energy Minister Khalid al-Falih said the attack was between 6:30 and 6:30 am local time. The minister explained that the attack resulted in "a fire broke out at station No. 8, which was controlled after it caused limited damage." Saudi Aramco stopped pumping in the pipeline, where the damage was assessed and the plant repaired, to restore the line and pumping to normal.

Chinese oil contracts

 China's oil futures rose on Tuesday after China's retaliatory response yesterday to raise tariffs on US goods by about 60 billion dollars from June.
  •  The Shanghai International Energy Exchange closed up 5.5 yuan, or 1.12 percent, to 496.3 yuan a barrel.

Oil trading
  • Brent crude rose 0.3 percent to $ 70.45 a barrel, after falling 0.6 percent in the previous session.
  • US WTI crude futures rose 0.1 percent to $ 61.08 a barrel, after losing 1 percent the previous day.


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Best Opportunities, Vision and Technical Analysis for The Oil 17 April 2019

(CURDE OIL - WTI ) We offer you oil analysis denominated by US dollar on Wednesday, April 17, 2019, with the most important forecast for the price of oil denominated by US dollars in the market. Time frame Used - four hours Oil is moving in a sideway direction in the near term. The purchasing power managed to push oil higher to close at the end of trading today, rising…

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