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Oil prices fall amid demand fears due to trade tensions

2019-09-06 12:01 pm | Resource: News | No Views : 41

 Oil prices fall amid demand fears due to trade tensions

Oil prices fell nearly 1 percent on Friday on persistent demand-side concerns amid uncertainty over trade deal negotiations. China and the United States agreed on Thursday to hold high-level talks in early October in Washington, although no date has been set for the meeting. The last round of talks in July in Shanghai ended without any sign of progress.

Higher production in August by OPEC and Russia, and booked profits by traders after recent gains led to lower oil prices, as investors await the US jobs report as well as remarks by Federal Reserve Chairman Jerome Powell on the economy and monetary policy later today for more evidence of Policy expectations.

Crude oil futures lost all of their early gains and stabilized on Thursday after the EIA inventory data. The report showed that US crude inventories fell by 4.8 million barrels in the week ending August 30, nearly double the expected decline.

Iran announces the next step in reducing the Joint Comprehensive Plan of Action Friday

Iranian President Hassan Rouhani announced the third phase of the country's downsizing of the Joint Comprehensive Plan of Action, commonly referred to as Iran's nuclear deal. "As of Friday, we are lifting all restrictions on R&D in JCPOA," Rowhani said. He stressed that this step will accelerate the country's nuclear program. Earlier in the day, Rouhani said Tehran was ready to give the European parties to the JCPOA another two months to act in accordance with its obligations before it further reduced its commitments.

In other news, a Reuters monthly survey last week showed that the long-running trade dispute between the United States and China, sluggish economies and growing oil demand caused analysts' forecasts for WTI and Brent crude to fall this year to the lowest since 2018. 51 analysts and experts said Economically, WTI crude will average $ 57.90 per barrel this year, compared to $ 59.29 per barrel in the previous survey. Experts now see the average price of Brent crude at $ 65.02 per barrel this year, lower than previously expected $ 67.47

 oil trade 

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