Oil is poised for a second weekly loss as investors weigh the deteriorating U.S.-China trade dispute against the latest steps from Saudi Arabia to stabilize the market.
Brent crude rose 1.4% in London, but is down 6% for the week. The deepening spat between Beijing and Washington and a surprise gain in U.S. stockpileshelped drive prices to a seven-month low on Wednesday. The International Energy Agency on Friday called the demand outlook “fragile.” Saudi Arabia has responded to the rout with a plan to limit output and exports in September.
Brent for October settlement rose 79 cents to $58.17 a barrel on the ICE Futures Europe Exchange as of 11:48 a.m. in London. The global benchmark crude traded at a $5.03 premium to West Texas Intermediate for the same month, having earlier reached $4.75, the narrowest since July 2018.
WTI for September delivery advanced 76 cents to $53.30 a barrel on the New York Mercantile Exchange. The contract rose $1.45 on Thursday, snapping three days of losses.
Source : Bloomberg