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Crude Oil Gains on Friday, Still Logs Weekly Losses

August 17, 2018 at 20:54 by Vladimir Vyun

Crude oil rose on Friday but still posted losses for the third week in a row. One of the biggest problems for the commodity lately were fears of trade wars between the United States and their trading partners, China in particular. Disruption of trade between the world’s two biggest economies can seriously damage global economic growth, hurting demand for oil as a result. Therefore, traders welcomed the news that the USA and China are going to resume trade negotiations, though it will be low level exploratory talks for now. Additional bullish factor for crude were US sanctions against Iran.

According to the report from Baker Hughes, US drillers did not add new oil rigs this week. This is to be expected as US oil companies were opening new rigs when prices were rising, and there is little sense for them to do so when prices are in decline.

Futures for delivery of WTI crude oil in September advanced 0.64% to $65.88 per barrel as of 20:11 GMT on NYMEX today. October contract for crude gained 0.45% to $71.75 per barrel on ICE.

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