• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 13 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 1 day Iran Captures British Tanker sailing through Straits of Hormuz
  • 19 hours Renewables provided only about 4% of total global energy needs in 2018
  • 10 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 2 days Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 2 days Today in Energy
  • 2 days Berkeley becomes first U.S. city to ban natural gas in new homes
  • 2 hours Shale Oil will it self destruct?
  • 24 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 6 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 5 hours N.Y. Governor Signs Climate Bill
  • 3 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 3 days LA Solar Power/Storage Contract
  • 3 days Why Natural Gas is Natural
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Expectations Of NAFTA Breakthrough Send Oil Prices Higher

Following a week of gains that snapped a seven-week losing streak for WTI, oil prices traded slightly higher at 9:00 a.m. EDT on Monday, wiping out earlier losses as they were supported by expectations of a breakthrough in the U.S.-Mexican talks on NAFTA and lower U.S. rig count, but pulled to the downside by the U.S.-China trade war.

At 09:08 a.m. EDT on Monday, WTI Crude was up 0.03 percent at $68.74, while Brent Crude was inching up 0.17 percent at $76.26, as investors looked for possible clues about the state of the oil market from a conference call of a monitoring committee of the OPEC+ deal.

Various factors are pulling oil prices in both directions, and trading was also subdued on Monday due to the summer bank holiday in the UK.

On Friday, oil prices rose after Baker Hughes reported a 13-rig decrease to the number of active oil and gas rigs in the United States. Oil and gas rigs fell to 1,044, according to the report, with the number of active oil rigs falling by 9 and the number of gas rigs falling by 4.

The decline in the rig count, coupled with a major draw in crude oil inventories of 5.8 million barrels for the week to August 17, sent oil prices steadily up last week to end almost two months of consecutive weekly losses.

On Monday, the possible breakthrough in U.S.-Mexico discussions on NAFTA boosted investor sentiment, but concerns persisted over the pace of the global economic growth as a result of the U.S.-China trade war, where no breakthroughs emerged last week.

“Falling U.S. rig counts and last week’s decline in U.S. inventories are supporting oil prices amid a protracted U.S.-China trade war that could dampen global growth and weigh on oil demand,” Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore, said, as quoted by Reuters.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


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