UU US rates. in China: this is what happens to oil – Sectors – Economy

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In the midst of the commercial dispute between the two powers, this is the price of oil.

oil

The annual change is 6.4% compared to the first two months of 2018.

photo:

Jaime Moreno / Archive EL TIEMPO

from:

economy

May 10, 2019, 10:23 am

Oil prices have risen this Friday, although the entry into force of the US $ 200,000 million tariff shift on US goods keeps the tension high in the commercial dispute between the two largest world economies.

At 10:13 GMT (5 in the morning in Colombia), the international Brent benchmark gained 22 cents, or 0.31%, to 70.61 dollars a barrel, after having peaked at 71.23 dollars.

On the other hand, the futures of the West Texas Intermediate in the United States (WTI) advanced 29 cents, or 0.47%, to $ 61.99 a barrel, after having first touched the 62.49 dollars. The United States has intensified the tariff war with China this Friday, raising taxes on imports from the Asian country to 25%, but negotiations should continue.

Oil prices have found support for signs of a global supply adjustment, thanks to production cuts led by the Organization of Petroleum Exporting Countries (OPEC) and allies such as Russia. * The growing commercial friction between the two largest global consumers of crude oil could influence the demand for hydrocarbons. The two countries together were responsible for 34% of global oil consumption in the first quarter of 2019, according to data from the International Energy Agency (IEA).

Although concerns about trade war have affected prices this week, "spreads are clearly pointing towards a tight market"
the bank ING said.

REUTERS

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