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Crude Oil Price Falls for a 3rd Week Running

Crude Oil Price Falls for a 3rd Week Running

$USO, $OIL

Crude Oil posted a 3rd weekly loss, as Saudi Arabia’s reassurances that it will not flood the global market failed to offset a 4.2% price drop at the start of the week.

Futures pared gains in New York Friday amid concern that escalating trade rows would undermine energy demand.

US President Donald said that he’s “ready to go” with tariffs on $500-B. He also accused and the European Union of manipulating their currencies to keep interest rates low.

WTI Crude Oil for August delivery expired Friday up $1 to settle at $70.46 bbl on the New York Merc. It has lost 0.8% on the week. Total volume traded was about 38% below the 100-day average.

Crude Oil has fallen about 5% this month as the escalating trade war between the US and rattled global financial markets.

President ’s Tweets Friday coincided with a weakening of USD. The Dollar Spot Index fell as much as 0.8%, the most since March.

The fall in the price of Crude Oil this week was aided by Libya restoring halted output and the US signaling it may show some flexibility in sanctions on Iranian Crude Oil. That’s prompted concern the extra supply promised by Saudi Arabia might not yet be needed.

ICE Brent Crude for September settlement rose 49c to 73.07 on the London-based ICE Futures Europe exchange. The contract is down 3% on the week. The global benchmark traded at a $4.81 premium to NYMEX WTI Crude for the same month.

Saudi Arabia’s pledge to keep its crude exports steady from June to July, and reduce it in August, follows an agreement last month between OPEC and its partners including Russia to boost production by 1-M BPD. The Kingdom’s assurance clashes with signals it gave out shortly after last month’s OPEC meeting, when people briefed on its output policy said it planned record production of 10.8-M BPD

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