• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 6 hours EU has already lost the Trump vs. EU Trade War
  • 14 hours Judge Orders Trump To Release Tax Returns
  • 3 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 2 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 4 hours World oil demand will keep growing until 2030, climate-damaging emissions longer, says IEA
  • 9 hours Shale Gas News – November 9, 2019
  • 12 hours ''Err ... but Trump ...?'' #thedonkeystays
  • 5 hours Does .001 of Atmosphere Control Earth's Climate?!
  • 15 hours Offshore SE Asia: Offshore OFS Could Get Major Boost in SE Asia
  • 5 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 14 hours The lies and follies of the "cry wolf" enviros: No more fire in the kitchen: Cities are banning natural gas in homes to save the planet
  • 16 hours Saudi Aramco IPO Will Not Save Kingdom
  • 5 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 15 hours China's Renewables Boom Hits the Wall
Alt Text

Iran Announces The Biggest Oil Discovery Of 2019

Iranian President Rouhani announced a…

Alt Text

The Infinite Possibilities Of Interstellar Energy

From black hole powered starships…

Alt Text

Why One Analyst Thinks Tesla's Stock Could Soar To $400

While many analysts remain skeptical…

Editorial Dept

Editorial Dept

More Info

Premium Content

Bullish Fundamentals Intact Despite Trade War Worries

U.S. West Texas Intermediate and international benchmark Brent crude oil futures are trading slightly lower for the week with most of the downside pressure being fueled by escalating tensions between the United States and China over the trade dispute. The price action is being driven by the headlines, which started the week bearish after President Trump promised new tariffs on Chinese imports on Friday.

Crude oil prices traded sideways-to-lower throughout the week as investors shed risky assets while moving money into the safe-haven Japanese Yen and U.S. Treasurys. Demand for risk returned on Thursday after Trump said there was still the possibility of a trade deal being reached, but the “risk-on” scenario disappeared and crude oil prices retreated on Friday after Trump said there’s “absolutely no need to rush” on a trade agreement with China and tariffs will make the United States “much stronger.”

The main concern weighing on crude oil at the end of the week is whether an escalating trade dispute will lead to a U.S. recession, which would hurt U.S. demand for crude oil.

Bullish Factors Remain Intact

Crude oil futures continue to be underpinned primarily by the OPEC-led production cuts and the U.S. sanctions against Venezuela and Iran. This news is providing steady support because it is helping to keep global supply tight.

Giving prices a further boost this week was an unexpected drop in U.S. crude inventories.…



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play