Oil traders are distressed about the escalation of trade conflicts. On Friday, the US President Donald Trump reiterated the necessity to impose tariffs on imports from China. Beijing refrained from commenting his words. However, finance ministers of the G20 countries, who meet in Buenos Aires this weekend, could not exercise restraint. During the summit, the participants discussed the consequences of trade conflicts for the global economy. Experts anticipate that the economic growth will slow down across the board. Consequently, the demand for energy resources will decrease. Thus, the Brent Crude Benchmark was trading sideways at the start of the trading week near the level of $73 per barrel. However, in the European session, traders started to buy the commodity again.
As a result, the price rose above the level of 73.50. Market participants absorbed the oil rig count report from Baker Hughes. The report showed that the number of active drilling facilities in the United States decreased by 5 units for the week ended, the July 14th. Traders who work with the American WTI Crude Benchmark are more confident. The price is rising gradually. In the early European session, it has already hit the level of $70.50 per barrel. As for the commodity currencies, the Canadian dollar is under the spotlight today. The loonie benefits from the greenback's weakness. The USD/CAD pair fell to the level of 1.3120, at which a rather strong support level was formed. The wholesale trade report from Canada may help the loonie extend gains.