Brent crude per barrel today rose 24 cents to $ 72 and 52 cents
Thursday, August 9, 2018 - 5:15:16 PM

According to Mining News Pro - While the intensification of trade tensions between the US and China and the decline in China`s oil imports in the last meeting caused a sharp drop in oil prices, prices rose today.

Brent crude prices rose by 24 cents to $ 72 and $ 52 a barrel today, according to the report. Brent`s oil price dropped more than 3 percent yesterday.

The US crude price fell to $ 67 and $ 2 a barrel today, after a 3.22 percent decline in the previous session.

China has a 25 percent tariff for more than $ 16 billion in American products from fuel and steel products to cars and medical equipment.

The intensification of the US-China trade war has raised concern for global markets and investors are worried that the slowdown of growth in the world`s two major economies will reduce demand for commodities such as crude oil.

China`s oil imports slightly increased in July after two consecutive monthly reductions, but this is still the lowest figure for China`s oil imports this year.

China, the world`s largest oil importer, shipped 8.48 million barrels a day last month, up 8.18 million barrels a year earlier and 8.36 million barrels in June.

Part of the rise in oil prices stemming from US sanctions against Iran is the third largest OPEC oil producer. The sanctions will not directly target Iran`s oil exports until November, but Tramp said it wants countries to bring their oil imports from Iran as close as possible to zero.$-72-and-52-cents
Close   Print