Increasing price on oil was seen on Friday amid the current tense situation in the Middle East. It was insignificant and offset by economic growth during the US-China trade war.
Brent crude futures LCOc1 has raised on 7 cents up to $63,46 for a barrel, raised on 0,3% in contrast with 0,3% at the last session.
US West Texas Intermediate crude CLc1 raised on 18 cents up to $56,20 for a barrel, raised to 0,3% in contrast with 0,25% for a night.
Singapore-based brokerage Phillip Futures commodities analyst Benjamin Lu said: “Growing challenges in the macroeconomic environment have kept bullish bets in check as risk appetites remain soft over potential weakness in global fuel demand.”
The US-China trade war goes on to bother economists, as it may deepen the economic growth in spite of the expectations that large central banks decrease bets and diminish policies.
Growing pessimism is said to be clear according to the polls of about 500 activists which showed a decreased and fixed growth forecast for 90% of 45 asked economics. Such a forecast can be applied to 2020.
While the anxiety of shortage of supply in the Middle East contributed to the recent economical growth amid the escalation of the US-China trade war.
The UK, meanwhile, sent a military ship for escorting ships under its flag across the Strait of Hormuz in a week after Iran seized the tanker under the UK flag in the strait.
Natalia Veselnitskaya – official website