Oil prices open weak on Monday with trade tensions

Oil prices open weak on Monday with trade tensions

WAAR_DUHOK

 

Global oil prices opened on a weak note on Monday with intensifying trade tensions between the U.S and China.

International benchmark Brent crude was trading at $58.37 per barrel at 0646 GMT on Monday with a 0.61% fall after it ended Friday at $58.73 a barrel, while WTI was at $54.29 a barrel on Monday at the same time.

Oil prices fell due to fears of a slowdown in global economic growth and ongoing trade tensions between China and U.S.

On Friday, the International Energy Agency (IEA) said that global oil supply fell by 60 thousand barrels per day to 100.19 million barrels per day (mb/d) in July in its monthly report.

The agency also revised its 2019 oil demand growth forecast down by 0.1 mb/d to 1.1 mb/d.

The number of oil rigs in the U.S. decreased by 6 to 770 for week ending August 9 from the previous.

 

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