Oil prices slump as China, US trade tensions continue

WTI Crude Oil

WTI Crude Oil

However, "though this may seem supportive, the bullish slant was tainted by a whopping 4.1 million barrel build at the Cushing delivery hub", in Oklahoma, noted Stephen Brennock, an analyst at brokerage PVM Oil Associates Ltd. Two rallies last week ran out of steam just beyond $71, a chart pattern known as a double top, which is usually bearish. Brent crude -0.20% to $68.19/bbl.

U.S. oil inventories shrank the most since January, according to government data on Wednesday, in contrast to a forecast expansion.

Analysts surveyed by Reuters had predicted a small gain in stocks.

"Supported by a 4.617 million barrel weekly crude oil draw across the USA, a solid upturn in equities encouraged buyers in WTI", said Anthony Headrick, energy market analyst and commodity futures broker at CHS Hedging LLC in Inver Grove Heights, Minnesota.

April 1 is a positive day so far for Credit Suisse X-Links WTI Crude (NYSEARCA:OIIL) as the ETF is active during the day after gaining 0.47% to hit $38.83 per share. Brent and USA prices at about the same time the previous week had been, respectively, well above $68.50 per barrel and $64 per barrel.

Global equities sank after China unveiled its charges, which match the scale of proposed USA tariffs announced earlier this week and ratchets up tension in a brewing trade war between the world's two largest economies.

Governor of Kemerovo in Russian Federation resigns over mall fire
On Sunday he appointed Sergei Tsivilyov, one of the region's deputy governors, to replace Tuleyev as acting governor. Again, I offer my deep apologies. "We have to live to remember those, whom we have lost", Tuleyev said.

Oil rose towards $70 (R827) a barrel on Monday, lifted by a drop in drilling activity in the United States (US) and concerns that Washington could reintroduce sanctions against Iran.

In the USA economy, meanwhile, the Labor Department reported employers added 103,000 names to their payrolls in March. The Asian nation on Wednesday said it would levy an additional 25 percent tariff on about $50 billion of US imports to match the scale of proposed American tariffs announced earlier. As a result, any disruption to Iranian crude oil is likely to have a significant impact on prices for the commodity.

Total products supplied over the past four-week period averaged over 20.9 million barrels per day, up by 7 percent from the same period a year ago.

"We are now thinking about a format for co-operation which could be for the long term, which would include the possibility of market monitoring information exchange and, if needed, the implementation of some joint actions", Novak said.

However, fresh data on Russian crude production shows the level is at an 11-month high.

In an unusual move, Saudi Arabia announced on Thursday it would raise its official selling price for May crude sold to Asia.

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