Oil falls from 2019 highs but set for third weekly gain GlobeBusiness
Oil fell further from 2019 highs on Friday, but was set for a third straight week of gains due to supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela.
U.S. West Texas Intermediate futures were at $59.53 per barrel, down 45 cents from their last settlement. WTI marked a 2019 peak in the previous session at $60.39.Both contracts were on course for their third consecutive week of increase. “A sense of hesitancy has taken hold across the energy complex. Market players are waiting for a bullish catalyst to spark a decisive upside breakout. The most obvious contender would be a conclusive trade agreement between the U.S. and China.”
Three in four Japanese companies expect U.S.-China trade frictions to last until at least late this year, a Reuters poll found.
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