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[rtl]Editorial date: 2018/6/29 11:30 • 123 times read[/rtl]
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The price of oil fell on Friday amid growing trade disputes between the United States and other major economies, although crude markets are still in short supply due to supply disruption, rising demand and imminent US sanctions on Tehran.
US WTI hit $ 73.18 a barrel by 0708 GMT, down 26 cents, or 0.4 percent, from the previous settlement.
West Texas Intermediate crude <WTI> hit its highest level since November 2014, at $ 74.03 a barrel on Thursday, according to Reuters.
Brent crude futures were 16 cents, or 0.2 percent, at $ 77.69 a barrel.
The decline came on Friday, amid escalating trade disputes between the United States on the one hand and major economies including China, India and the European Union on the other.
In addition, the US government is trying to block access to world oil markets to Iran when its sanctions are fully applied to Tehran in November.
Many top Iranian oil buyers, including Japan, India and South Korea, have already expressed their intention to stop importing Iranian crude unless Washington gives them an exemption from sanctions.
Until then, Asia seems to be getting as much oil as Iran, with tracking data from other ships and government showed that imports of major oil buyers in Asia from Iranian crude rose to an eight-month high in May.
China, India, Japan and South Korea imported 1.8 million bpd from Iran last month. That is about 15 percent higher than a year ago
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[rtl]http://alforatnews.com/modules/news/article.php?storyid=168157[/rtl]
Low oil prices amid escalating trade disputes
[/rtl][rtl]Editorial date: 2018/6/29 11:30 • 123 times read[/rtl]
The price of oil fell on Friday amid growing trade disputes between the United States and other major economies, although crude markets are still in short supply due to supply disruption, rising demand and imminent US sanctions on Tehran.
US WTI hit $ 73.18 a barrel by 0708 GMT, down 26 cents, or 0.4 percent, from the previous settlement.
West Texas Intermediate crude <WTI> hit its highest level since November 2014, at $ 74.03 a barrel on Thursday, according to Reuters.
Brent crude futures were 16 cents, or 0.2 percent, at $ 77.69 a barrel.
The decline came on Friday, amid escalating trade disputes between the United States on the one hand and major economies including China, India and the European Union on the other.
In addition, the US government is trying to block access to world oil markets to Iran when its sanctions are fully applied to Tehran in November.
Many top Iranian oil buyers, including Japan, India and South Korea, have already expressed their intention to stop importing Iranian crude unless Washington gives them an exemption from sanctions.
Until then, Asia seems to be getting as much oil as Iran, with tracking data from other ships and government showed that imports of major oil buyers in Asia from Iranian crude rose to an eight-month high in May.
China, India, Japan and South Korea imported 1.8 million bpd from Iran last month. That is about 15 percent higher than a year ago
[/rtl]
[rtl]http://alforatnews.com/modules/news/article.php?storyid=168157[/rtl]
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