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Oil prices fell during the last weekly sessions on Friday

2019-11-08 07:48 am | Resource: News | No Views : 22

 Oil prices fell during the last weekly sessions on Friday

Oil prices fell during early trading as investors assessed the developments of the trade war between the two largest economies in the world that affected the global demand for crude. In light of trade optimism and gains of global stock markets. Amid new hopes, the United States and China will reach a trade agreement for the first phase soon.

The Chinese Ministry of Commerce said the two sides agreed to abolish current tariffs on each other's products "at the same rate" if a first stage agreement was reached, adding that Beijing and Washington were still in "constructive" negotiations with a view to reaching a comprehensive agreement. Meanwhile, OPEC Secretary-General Mohammad Barkindo said earlier this week that he is now more optimistic about the 2020 outlook as trade developments seem to reduce the need for more substantial production cuts.

Iranian tensions

Meanwhile, the European Union and Russia on Tuesday expressed concern about Iran's decision to reduce its obligations under the Joint Comprehensive Plan of Action and boost uranium enrichment. Dmitry Peskov, a Kremlin spokesman, said Russia shared Tehran's concerns about US sanctions on the Middle East, but also expressed concern about Iran's plan to suspend its commitments. Peskov stressed that Moscow wants to save the Iranian nuclear deal from 2015 because its possible collapse "will not bode well." The European Commission also said it was "concerned" by Iran's announcement earlier in the day.

Iranian President Hassan Rouhani said his country would begin pumping uranium in 1044 this week and give European signatories a two-month deadline to comply with the JCPOA in order to prevent Tehran from suspending its obligations.

Oil Contract Trading
  • Brent crude futures fell marginally 0.22%, or 14 cents, to $ 62.15 a barrel, at 08:52 am CET, but are still heading for a weekly gain of about 0.8%.
  • US crude futures were down 0.4% or 21 cents at $ 56.94 a barrel, but are still up 1.3% this week so far.

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(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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