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Oil prices are rising but trade disputes are holding back gains
http://economy-news.net/content.php?id=13068
Oil prices rose on Monday as the WTI rose after four-week losses, but gains were limited by the impact of trade tensions on markets.
London Brent crude was up 13 cents, or 0.2 percent, at $ 74.42 a barrel by 0638 GMT after falling in most of the Asian session. Brent crude rose 1.7 percent last week, making its first gain in four weeks.
US West Texas Intermediate crude futures rose 31 cents, or 0.5 percent, to $ 69 a barrel. West Texas crude fell 1.3 percent on Friday.
The US economy grew at its fastest pace in almost four years in the second quarter, but trade tensions remain high between Washington and Beijing despite their ebbing between the United States and the European Union.
Saudi Arabia said last week it had suspended oil shipments through the Bab al-Mandab Strait in the Red Sea, one of the most important oil tanker routes, after the Houthis allied with Iran attacked two ships in the Straits.
US energy companies added three oil drilling platforms in the week ending July 27, as drilling companies increased their activities for the first time in the last three weeks, according to data released on Friday.
http://economy-news.net/content.php?id=13068
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