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Oil is up about 3 percent but ends the week on a loss
Oil prices rose about 3 percent a day after the day's biggest one-day drop in a few years due to US President Donald Trump's threat that the United States would impose more tariffs on Chinese goods.
The announcement of the new US tariffs on China, which is due to take effect on September 1, has led to an escalation in the trade war between the world's two largest economies, with any economic slowdown that could result in damage to demand for oil.
Brent crude for October delivery ended $ 1.89, or 2.3 percent, at $ 61.89 per barrel.
Global gauge ore fell more than 7 percent in Thursday's session, its biggest one-day drop in more than three years.
US benchmark West Texas Intermediate crude for September delivery rose 1.71 dollars, or 3.17 percent, to settle at $ 55.66 a barrel after falling nearly 8 percent in Thursday's session, the biggest one-day loss in more than four years.
The two benchmark crude stocks both ended the week with losses with Brent falling 2.7 percent and US crude around 1.2 percent.
http://wattaennews.net/archives/44854
- 03 August 2019
Oil prices rose about 3 percent a day after the day's biggest one-day drop in a few years due to US President Donald Trump's threat that the United States would impose more tariffs on Chinese goods.
The announcement of the new US tariffs on China, which is due to take effect on September 1, has led to an escalation in the trade war between the world's two largest economies, with any economic slowdown that could result in damage to demand for oil.
Brent crude for October delivery ended $ 1.89, or 2.3 percent, at $ 61.89 per barrel.
Global gauge ore fell more than 7 percent in Thursday's session, its biggest one-day drop in more than three years.
US benchmark West Texas Intermediate crude for September delivery rose 1.71 dollars, or 3.17 percent, to settle at $ 55.66 a barrel after falling nearly 8 percent in Thursday's session, the biggest one-day loss in more than four years.
The two benchmark crude stocks both ended the week with losses with Brent falling 2.7 percent and US crude around 1.2 percent.
http://wattaennews.net/archives/44854
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