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Oil Gains For The Session, But U.S. Prices Drop Over 7% For The Week


Saturday, 20 July 2019 02:08 WIB

Minyak WTIOil,Crude Oil


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Oil futures finished higher Friday after reports that Iran seized a U.K.-flagged ship in the Gulf of Oman. Prices still settled lower for the week, however, on worries about a slowdown in demand.

The market saw an "insane downward trend in crude oil this week," said James Hatzigiannis, senior commodities associate at Long Leaf Trading Group. "I think it is a bit of an overreaction and you should see prices recover next week if there [is] any progress on the U.S./China trade front or any escalation of tensions between the U.S. and Iran," he said.

August West Texas Intermediate oil added 33 cents, or 0.6%, to settle at $55.63 a barrel on the New York Mercantile Exchange. It fell 7.6% for the week after settling Thursday at its lowest in a month.

Source : Marketwatch


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