Oil resumed declines as an industry report signaling a surprise jump in U.S. crude inventories stirred fears of a supply glut at a time when trade wars are jeopardizing the global demand outlook.
Oil prices climbed on Thursday after an industry report showed a decline in U.S. crude inventories that exceeded analyst expectations. U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.3%, at $59 a barrel by 0023 GMT.
Oil prices rose on Friday despite the start of U.S. President Donald Trump’s tariff hike on $200 billion of Chinese goods, stoking the trade dispute between the world’s two biggest economies.
Oil prices fell 3% on Friday after U.S. President Donald Trump again pressured the Organisation of the Petroleum Exporting Countries to raise crude production to ease gasoline prices.
Oil prices inched lower on Wednesday on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington’s push for tighter sanctions against Iran.
India’s rupee weakened to the lowest level in more than a month and bonds fell as a jump in oil prices once again exposed the nation’s vulnerability to spikes in energy costs. The currency slid as much as 0.8 percent to 69.8775 per dollar at 9:35 a.m. in Mumbai
Oil prices rose early on Monday, with Brent hitting its highest level since November, driven up by a decline in US drilling activity and ongoing supply cuts led by producer club OPEC.
Ibrahim al-Muhanna, an adviser to the Saudi energy minister, said on Friday he expected the oil market to be “well balanced” this year.
Oil prices eased on Thursday, although a decline in U.S. inventories, ongoing supply cuts from OPEC and its allies, and U.S. sanctions on Venezuela and Iran all limited losses.
Oil prices edged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, but concerns over global supplies provided a floor to losses.