Breaking News
0

Crude Oil Prices Settle Higher But Can't Avoid Second-Straight Weekly Loss

CommoditiesJul 20, 2018 14:54
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Crude Oil Prices fell for a second week in a row

Investing.com – WTI crude oil prices settled higher Friday, supported by a weaker dollar and signs of tightening in U.S. output. But they failed to avert and second-straight weekly loss.

On the New York Mercantile Exchange crude futures for September delivery rose $1.30 to settle at $70.46 a barrel, while on London's Intercontinental Exchange, Brent rose 0.56% to trade at $72.99 a barrel.

Oilfield services firm Baker Hughes reported on Friday that the number of U.S. oil drilling rigs in operation fell by 5 to 858. That was the first decline in nearly one month, pointing to signs of tightening U.S. output.

Signs of tightening U.S. output come at a time when investors continue to weigh up the prospect of a global shortage in supplies, despite Saudi Arabia's pledge to hold off flooding the market with supplies.

Saudi Arabia's OPEC Governor Adeeb Al-Aama said in a statement Thursday that the kingdom expects crude exports to fall by about 100,000 barrels per day in August as it limits excess production. He added that concerns the oil cartel and its allies could oversupply the market with more output are “without basis."

Crude oil prices were also supported by a plunge in the dollar as President Donald Trump blasted the Federal Reverse's current rate-hike path, arguing that higher interest rates hurt U.S. economic growth.

A weaker dollar makes dollar-denominated commodities like oil cheaper for holders of foreign currency, increasing demand.

The rise in U.S. oil prices, however, failed to offset a second consecutive weekly decline as they struggled to clawback losses from a 4% slump earlier in the week, when the U.S. softened its stance on Iranian crude importers.

The U.S. is hinting that it could allow some countries to continue exporting Iranian crude beyond the Nov.4 deadline, when U.S. sanctions on Tehran are set to come into effect.

Crude Oil Prices Settle Higher But Can't Avoid Second-Straight Weekly Loss
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email