Breaking News
0

Commodities - U.S. Crude Heads for Seventh Weekly Decline Amid Trade Fears

CommoditiesAug 17, 2018 03:57AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Crude holds onto gains for second day, still on track for weekly decline

Investing.com - Oil prices headed for a second consecutive day of recovery on Friday, but remained on track for a weekly decline, with U.S. crude heading for its seventh straight weekly drop, as investors continued to observe world trade developments.

New York-traded West Texas Intermediate crude futures gained 11 cents, or 0.17% to $65.57 a barrel by 3:54 AM ET (7:54 GMT).

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., rose 13 cents, or 0.18%, to $71.56.

Oil’s advance came after White House economic advisor Larry Kudlow confirmed Thursday that Chinese and U.S. officials will meet later in August to resume trade talks.

Markets were worried a potential full-blown trade war between the U.S. and China would slow global economic growth and curb energy consumption, while a standoff between the U.S. and Turkey subsequently sparked fears of contagion among emerging markets.

Both concerns have sparked a selloff in oil, with U.S. crude down slightly more than 3% this week and Brent on track for weekly losses of 1.7%

Crude prices were particularly hard hit on Wednesday as data from the Energy Informational Administration (EIA) showed that the U.S. crude inventory level unexpectedly grew by 6.8 million barrels.

Later on Friday, Baker Hughes will release its most recent data on U.S. crude production.

The U.S. rig count, an early indicator of future output, rose by 10 to 869 last week, the highest level since March 2015, according to the oilfield services firm.

In other energy trading, gasoline futures slipped 0.03% to $1.9855 a gallon by 3:56 AM ET (7:56 GMT), while heating oil advanced 0.15% to $2.0996 a gallon.

Lastly, natural gas futures traded up 0.45% to $2.921 per million British thermal units.

Commodities - U.S. Crude Heads for Seventh Weekly Decline Amid Trade Fears
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email