In Friday trading, Brent crude was priced above US$79 with WTI close to US$71 a barrel
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Heavy storm season is underway in the US and Hurricane Florence is threatening coastal states.
Brent was priced above US$76 per barrel as crude oil stocks fell to the lowest level since 2015,
In was a busy week for the sector, with no shortage of macro news.
July was a tough month on the oil market with both benchmarks suffering high declines not seen since 2016.
The international crude benchmark dropped more than 6% this week as Saudi Arabia delivered more oil to the market.
Global trade wars and geopolitics are adding to the gloom and impacting the price on a daily basis.
The oil price rose to a three and a half year high on Thursday, with WTI above US$74..
On Friday, Brent crude was priced around US$75 with WTI holding above US$68 a barrel.
In Friday trading, Brent crude was priced above US$75 with WTI holding close to US$67 a barrel
On Friday, Brent crude was priced above US$76 with Brent holding above US$65 a barrel.
Even when the market gets what the market wants, the news is not always warmly received
The market can expect an increase in global supply to ease tightness and higher prices..
While President Trump’s decision was widely expected, many analysts feel it was not priced in; hence the spike in price mid-week.
Traders and investors will be waiting on the US decision, expected on May 12, on the prospect of a US withdrawal from the Iranian nuclear accord
After hitting its highest level in eight months last week, on Monday, Brent crude was changing hands at around US$71.80 per barrel, down just over 1%.