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On August 6, 2015, six pump jacks are erected outside Kotula, Texas, in the Eagle Ford Shale region.
On August 6, 2015, six pump jacks are erected outside Kotula, Texas, in the Eagle Ford Shale region.
Photos: Carolyn Van Houten, San Antonio Express-News
On August 6, 2015, six pump jacks are erected outside Kotula, Texas, in the Eagle Ford Shale region.
On August 6, 2015, six pump jacks are erected outside Kotula, Texas, in the Eagle Ford Shale region.
Photos: Carolyn Van Houten, San Antonio Express-News
Oil prices rose the most in six weeks with US job data and Chinese manufacturing figures, but prices declined this week due to concerns over trade wars.
New York's futures, the biggest gain since Friday's Saudi oil infrastructure attack in September, rose 3.7 percent. US recruits recovered unexpectedly in October, with new Chinese manufacturing orders growing at the fastest pace for more than six years. Nevertheless, prices fell for a week due to concerns about a slowing global economy, abundant US oil reserves and trade negotiations.
“What's important here is good economic news,” said Michael Lynch, president of Strategic Energy and Economics Research in Winchester, Massachusetts. There's too much oil, and economic news generally seems to be a recession in the next six months, and people are concerned. ”
This week's price fell 0.8 percent as Chinese government officials questioned the possibility of reaching a comprehensive long-term trade deal with the United States, even if the two countries are close to the initial agreement. Long-term disputes, along with a large supply of oil, are putting pressure on the Organization of Exporting Countries and allies to cut production further to raise prices.
Previous : Oil prices rise monthly for the first time since July despite rising supply
Stephen Brennock, an analyst at PVM Oil Associates, said in a report: “In the future, all demand recovery will be challenged by increased supply and cooling demand.
West Texas intermediate crude oil for December delivery rose $ 2.02, settled at $ 56.20 per barrel on the New York Mercantile Exchange.
In January, Brent raised $ 2.07 to close at $ 61.69 per barrel on the London-based ICE futures European exchange. Global benchmark crude oil was traded at a premium of $ 5.42 to WTI the same month.
According to the Ministry of Commerce, China reached an agreement with the United States at the first stage of potential deal negotiations. But Chinese officials maintain skepticism, arguing that the United States should withdraw tariffs on imports of about $ 36 billion from China.
“Trading issues have been in the market for some time,” says Gene McGillian, senior analyst and broker at Stadford-based Tradition Energy Group. ”
© 2019 Bloomberg L.P.