Oil prices slip over concerns of economic slowdown
18 Agosto, 2018, 16:17 | Author: Arnold Perez
WTI Crude prices were up early on Friday but still headed for a seventh consecutive weekly loss-the longest losing streak since 2015-as fears of escalating trade wars and a rout in emerging markets and their weakening currencies amid the Turkish turbulence had investors anxious about the possible fallout on global oil demand growth. US West Texas Intermediate (WTI) crude futures dropped 5 cents to $65.41 a barrel.
Brent is heading for a 2 percent decline this week, a third consecutive weekly drop.
"One of the biggest concerns out there is that China's demand numbers are coming down if China's GDP growth is slowing", said Tariq Zahir, managing member at Tyche Capital in NY.
Brent crude oil futures were up 9 cents at $71.52 a barrel by 1:04 p.m. EDT (1604 GMT), after rising over $1 to hit a session high of $72.44 a barrel.
For the week, Brent was down 1.4 percent, and US crude fell 2.6 percent.
Money managers cut their net long U.S. crude futures and options positions to the lowest in almost two months in the week to August 14, the U.S. Commodity Futures Trading Commission (CFTC) said.
China and the United States have implemented several rounds of trade tariffs and threatened further duties on exports worth hundreds of billions of dollars, which could knock global economic growth.
USA investment bank Jefferies said on Friday there was an emerging "lack of demand" for crude oil and refined products.
Data on Wednesday showing a large build in U.S. inventories fostered fears about the outlook for fuel demand, while crude was also pressured by broader selling of industrial commodities and by the Turkish financial crisis.
USA investment bank Jefferies said there was an emerging "lack of demand" for crude oil and refined products.
Bank MUFG, meanwhile, said that the weakening Turkish lira will constrain further growth in gasoline and diesel demand this year.
"Investors remain cautious as Wednesday's surprise gain in U.S. stockpiles remained fresh in their minds", the bank said on Friday.
Furthermore, just as demand seems to be slowing, supply looks to be rising, increasing the drag on markets.
Despite the bearish factors, analysts said prices were prevented from falling further because of USA sanctions against Iran, which target the financial sector from August and will include petroleum exports from November.
"Iranian crude exports were still near 2 million barrels per day (bpd) in July and will likely begin to fall dramatically in August with financial sanctions taking effect".
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Pompeo announces creation of the Iran Action Group
Pompeo has also tweeted his apparent support for Iranian anti-government protestors in recent months. US officials have also been in talks with Saudi Arabia to produce more oil to meet the global demand.
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Con la experiencia que tiene, cuando él se mete entre los centrales no falla nunca", comentó volviendo al tema. Si a mí me ponen la plata enfrente y la gloria, yo prefiero quedarme con la gloria.