Oil falls on OPEC meeting
Oil prices fell today, more than two dollars after two of the largest producers of crude in the world that they may increase production at the OPEC meeting next week, while US exports are threatened by Chinese customs duties on crude oil and refined products.
Saudi Arabia and Russia have already increased their crude production slightly and indicated they were ready to increase production at that meeting.
Brent crude ended the day at $ 2.50, or 3.29 percent, at $ 73.44 a barrel.
US WTI crude fell 1.83 dollars, or 2.74 percent, to settle at $ 65.06 a barrel.
In subsequent trading on the settlement, US crude continued to fall to $ 2.25, or 3.4 percent, to $ 64.64 a barrel.
Brent ended the week with more than 4 percent losses, while US crude fell 1.7 percent.
After the official session of the oil market, China announced retaliatory tariffs on US products worth 50 billion dollars, in response to a series of drawings announced by US President Donald Trump earlier in the day.
Some investors were surprised that the list of US products targeted by China, including crude oil and other energy products, would be subject to customs duties at a later date.
Over the past six months, the United States has exported an average of 363,000 barrels per day of crude oil to China, along with Canada, the largest US buyer of crude.