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Thursday, September 6, 2018 - 10:09:31 PM
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Mining News Pro - Oil prices fell on Thursday as concerns over the emerging market conditions shadowed the oil market.
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According to Mining News Pro - Oil prices fell on Thursday as concerns over the emerging market conditions shadowed the oil market. This is while the timing of further tariffs against US $ 200 billion in Chinese goods is also approaching.
However, sanctions against the US government against Iran have prevented further price cuts, as it says the oil export cuts in the country will prevent a further split between demand.
According to the report, the price of barrels of US crude today fell by 12 cents, down 0.2 percent to $ 68 and $ 60 cents. Brent crude prices fell by 5 cents today to $ 77 and 22 cents.
While the weakening of emerging markets is shadowed by the outlook for global economic growth, stock prices in Asian exchanges have fallen today for the sixth consecutive session.
Meanwhile, the US government is expected to raise additional tariffs of more than $ 200 billion in Chinese goods.
"The outlook for OPEC`s supply of allies, as well as the weakening demand of China and other emerging markets, has shadowed the rise in oil prices," Energy Market analyst Fouad Razzagzadeh said.
US Petroleum Institute figures show US crude oil reserves fell last week due to rising consumption. The report said US crude oil reserves fell 1.17 million barrels to 404.5 million barrels in the week ending August 31.
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