22.3 C
New York
Tuesday, June 6, 2023

Crude Oil Prices Settle Higher as US, China Mull Plans to Resolve Trade War

Crude Oil Prices Settle Higher as US, China Mull Plans to Resolve Trade War© Reuters. Crude Oil Prices fell for a third week in a row

Investing.com – WTI crude oil prices settled lower for a third-straight week despite settling higher Friday amid reports the U.S. and China are mapping out plans to resolve their trade war later this year.

On the New York Mercantile Exchange for September delivery rose 45 cents settle at $65.91 a barrel, while on London’s Intercontinental Exchange, rose 0.63% to trade at $71.88 barrel.

Chinese and U.S. negotiators are drawing up plans for talks between President Trump and Chinese counterpart Xi Jinping in November to end their trade war, according to the Wall Street Journal.

Oil prices were also lifted by signs of a slowdown in domestic output despite data this week showing domestic producers increased production for the first time in three weeks.

Oilfield services firm Baker Hughes reported on Friday that the number of U.S. oil drilling rigs in operation was unchanged at 869.

Yet the rise in oil prices proved to be much too little, too late amid heavy losses during the week on the back of rising U.S. inventories and concerns slowing growth in emerging markets and China would dent oil demand.

Inventories of U.S. crude rose by 6.805 million barrels for the week ended Aug. 10, cofounding expectations for of 2.449 million barrels, according to data from the Energy Information Administration (EIA).

The unexpected build in crude supplies emerged as imports rose by about 1.341 million barrels a day (bpd) while exports fell by 2.58 million bpd, data from EIA showed.

An OPEC monthly reported Monday, meanwhile, ensured oil prices made a subdued start to the week released earlier this week, meanwhile, also weighed on sentiment as the cartel forecast lower demand amid increased non-OPEC supply.

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.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles