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Oil prices have risen, but this week trade tensions have dragged down

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发表于 2018-10-22 13:43:08 | 显示全部楼层 |阅读模式
Oil prices rose on Friday as there were signs that demand for China, the world's second-largest oil consumer, surged, but oil prices fell for the second consecutive week as US stocks continued to increase and concerns about trade conflicts curbed economic activity.
Brent crude oil futures LCOc1 rose $0.49 to close at $79.78 a barrel. US crude oil futures CLc1 rose by $0.47 to close at $69.12 a barrel.

This week, Brent crude fell 0.9%, and US crude oil fell 3.1%. Both contracts fell about $7 from the four-year high reached in early October.

US crude oil is wider than Brent crude oil WTCLc1-LCOc1 and has been the widest since June 8th, hitting $11 a barrel.

Data released on Friday showed that China's September crude oil processing volume reached a record high of 12.49 million barrels, due to the warming of fuel demand and lucrative conditions, some independent refineries restarted after a long period of summer shutdown.

The data ignited the market's hopes for China's oil demand, even though China's third-quarter economic growth rate fell to the slowest since the global financial crisis.

Three people familiar with the matter said that the Organization of Petroleum Exporting Countries (OPEC) and the non-OPEC oversight committee found that the implementation rate of the production cuts in the crude oil producing countries fell from 111% in August to 111% in September, as oil-producing countries increased production.

“The increase in production in OPEC and non-OPEC oil producing countries did not fully offset the loss of Iranian supply, which made the market worried that they were enough to make up for the supply shortage,” said Lippo Oil Associates president Andrew Lipow.

This week's oil price pressure is also reflected in US government data. Crude oil inventories climbed 6.5 million barrels last week, an increase for the fourth consecutive week, almost three times the analyst's estimate.

The increase in supply, especially in the US crude oil futures delivery, the supply of Cushing, Oklahoma, has given the market a futures premium, which is the recent price below the forward price, which is the first time since May 22.

On Friday, US crude oil futures in recent months hit the widest level in the past year. Traders expect Cushing's inventory to increase further as new pipelines are put into operation.

General Electric (GE)'s energy services company Baker Hughes said on Friday that the number of active oil rigs in the United States increased by four to 873 this week, the highest since March 2015.

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