WTI oil prices fell for 3 consecutive weeks

Last week, WTI oil fell 0.5%, Brent oil lost 0.3%. Future crude oil contracts were mixed on Friday (May 10), in which WTI oil fell slight...


Last week, WTI oil fell 0.5%, Brent oil lost 0.3%.

Future crude oil contracts were mixed on Friday (May 10), in which WTI oil fell slightly, as worries about the escalating trade war between Washington and Beijing restrained the rise, MarketWatch put information.

"The escalation of trade tension has caused worries about growth to return, which could lead to weakening demand for crude oil," said Edward Moya, senior market analyst at Oanda. determined.

However, "optimism is still great for reaching an agreement sooner, rather than negotiations are broken, so the trade story can quickly become a factor promoting crude oil," he said. Moya said. In addition, "Chinese goods leaving the port before May 10 are not subject to a tax increase, thus bringing a small window about 2 weeks to further the motivation to finalize the agreement."

At the end of Friday trading session, WTI sweet crude oil contract delivered in June on Nymex dropped 4 cents (equivalent to 0.1%) to 61.66 USD / barrel and dropped by 0.5% last week, marking the second plunge week. 3 in a row.

Meanwhile, Brent contract for July delivery on London floor went up 23 cents (0.3%) to 70.62 USD / barrel, but still not enough to make Brent oil increase in the past week, the result of this contract fell 0.3. % in Week.

The Trump administration earlier on Friday raised taxes on $ 200 billion of imports from China, and Beijing announced it would retaliate. US and Chinese officials continued to negotiate on Friday in Washington but did not make any agreements.

Concerns about US-China trade conflict have overwhelmed the subsidy factor as a decline in crude oil reserves in the US announced Wednesday (May 8). However, investors continue to monitor the escalation of tension between the US and Iran, which increases the risk of supply disruption in the Middle East and boosts oil prices.

Tensions between Tehran and Washington escalated as the oil-producing nation announced it would cease to comply with a number of commitments under the 2015 nuclear agreement, getting closer to breaking the landmark deal.

Also in the trading session on Friday, the gas contract in June delivered 0.7% to 3.74 USD / gallon, but still dropped 1.9% in the past week. The heating contract for June delivery plus 0.3% to $ 2,0504 / gallon. Last week, this contract fell 1%.

June natural gas contracts increased by 0.9% to USD 2,619 / MMBtu and surged 2% last week.

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High Tech Brain: WTI oil prices fell for 3 consecutive weeks
WTI oil prices fell for 3 consecutive weeks
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High Tech Brain
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