Oil prices fall but set for big weekly gain on trade dispute hopes
Oil gave back some of its recent gains on Friday, but was still headed for the biggest weekly increase since early July, boosted by a decline in U.S stocks, a looming hurricane in Florida and an easing of Sino-U.S. trade rhetoric.”Oil prices remain elevated and we are in the middle of trading range here for both Brent and West Texas,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.
Worries about a slowdown in economic growth and the impact on oil demand due to the trade war between the world’s two biggest oil consumers kept a lid on price gains this week, even as falling inventories indicate a balancing market.