Oil Slumps 3% on OPEC Supply Rise, Chinese Tariffs
Oil Slumps 3% on OPEC Supply Rise, Chinese Tariffs

Oil Slumps 3% on OPEC Supply Rise, Chinese Tariffs

Oil Slumps 3% on OPEC Supply Rise, Chinese Tariffs

Oil prices fell more than $2 a barrel on Friday after two of the world’s biggest producers indicated they might increase output at next week’s OPEC meeting, while US exports were threatened by potential Chinese tariffs on crude oil and refined products.
Oil investors have been nervous ahead of the coming OPEC summit in Vienna, Austria. Saudi Arabia and Russia have already boosted production modestly and have indicated they were prepared to increase output at that meeting, Reuters reported.
Brent crude oil fell $2.5, or 3.29%, to settle at $73.44 a barrel. US crude settled $1.83 lower at $65.06 a barrel. In post-settlement trading, US crude retreated further, falling 2.25, or 3.4%, to $64.64 a barrel.
Brent crude was on track to end the week down more than 4%, while US crude was heading to fall 1.7%.
After settlement, China announced $50 billion in retaliatory tariffs, in response to a series of levies by US President Donald Trump earlier.
Some investors were surprised when crude oil and other energy products were included for tariffs at a later date, the official Xinhua news agency reported, citing the Tariff Commission of the State Council.
Over the past six months, the United States has exported an average 363,000 bpd of crude oil to China, which along with Canada is the biggest buyer of US crude.
“They were a big outlet and we’re going to notice it,” said John Kilduff, a partner at Again Capital in New York. “It’ll take time for other buyers to absorb that crude.”

Short URL : https://goo.gl/wcCyUs
  1. https://goo.gl/yYx47d
  • https://goo.gl/JWUcks
  • https://goo.gl/3SgMF8
  • https://goo.gl/oBxbwX
  • https://goo.gl/jPMAhQ

You can also read ...

Shell in Talks to Sell $2b Worth of Nigeria Assets
Royal Dutch Shell Plc is in talks to sell two Nigerian oil...
Germany Suggests India Continue Iran Oil Imports
Speaking to Indian TV, Germany voiced hope that India would...
Japan Will Face Higher Gasoline Prices After Halting Iranian Crude Purchase
Japan’s major oil distributors are considering halting oil...
Argentina to Export Natural Gas to Chile
Argentina will begin exporting natural gas to Chile from...
Egypt Hikes Gas Price by 75%
Egypt said on Saturday it was raising the price of natural gas...
Cheap Fossil Fuels Hinder Renewables Development
The key factor hindering renewable energy development in Iran...
NIDC Indigenizes  Eco-Friendly Well Test Burner
The National Iranian Drilling Company's experts have designed...
NPC Earns $3b in Q1
The National Petrochemical Company earned $3.1 billion in...

Add new comment

Read our comment policy before posting your viewpoints