• 5 minutes China Faces Economic Collapse
  • 8 minutes ZeroHedge: Oil And Gas Bankruptcies To Accelerate As $137 Billion Debt Matures Over Next Two Years
  • 11 minutes Trump Will Win In 2020
  • 14 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 2 hours The Belt & Road Initiative: A Wolf in Sheep's Clothing?
  • 27 mins Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 4 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 2 hours Cost of oil
  • 3 hours Democrats and Gun Views
  • 11 hours Swedish Behavioral Scientist Suggests Eating Humans to ‘Save the Planet’ from Climate Change. What could possibly go wrong?
  • 12 hours Trump Orders Biofuel Boost
  • 16 hours Buy Oil Monday?
  • 7 hours Iran says tanker oil sold at sea, buyer sets destination
  • 15 hours Used Thin Film Solar Panels at 15 Cents per Watt
  • 12 hours “Who’s going to bail out the Central Banks?”
  • 2 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 15 hours Green New Deal Preview in Texas Town
Alt Text

Yergin: Expect Extreme Volatility In Oil Markets

Supply and demand issues and…

Alt Text

Bullish Sentiment Is Back In Oil Markets

Oil prices extended a five-day…

Alt Text

Trade War Optimism Halts Oil Price Slump

Financial markets have received a…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Erase Gains Despite String Of Bullish News

Oil prices were trading down sharply on Friday morning, after earlier it looked like they might be heading for their biggest weekly gain since the beginning of July, thanks to a huge U.S. inventory draw, a hurricane approaching Florida, and somewhat softened U.S. vs China trade war rhetoric.

At 09:50 a.m. EDT on Friday, WTI Crude was down 0.78 percent at $56.27 and Brent Crude was trading down 0.55 percent at $60.16. But by 11:48, prices slipped further into bear territory as analysts slash price forecasts citing the ongoing trade dispute between China and the United States.

WTI, however, was still set to finish higher for week.

AT the end of last week, China and the United States traded tariff and counter-tariff announcements, with Beijing saying first that China would place tariffs on a range of U.S. products worth US$75 billion, including crude oil, in two batches starting on September 1 and on December 15. U.S. President Donald Trump retaliated with announcements of higher tariffs on Chinese products. The escalation in the dispute sent oil prices tumbling last week, and triggered new forecasts.

Oil prices continue to be capped by concerns over global economic growth and oil demand growth, but a huge draw in U.S. oil inventories lifted the price of oil in the middle of the week.

The Energy Information Administration (EIA) reported on Wednesday a 10-million-barrel draw in crude oil inventories, following the American Petroleum Institute’s estimate of an 11.1-million-barrel draw in inventories, released on Tuesday. The estimate pushed WTI Crude to the biggest intraday gains in two weeks.

Oil prices had been supported somewhat on Friday by Hurricane Dorian which is approaching Florida’s Atlantic coast and could enter into eastern Gulf of Mexico next week. Refiners are keeping an eye on the path of the hurricane.  

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