Oil prices have recovered from a steep drop in early August when the U.S.-China trade conflict was threatening to escalate into a currency war. WTI Crude is $55.31; Brent is $59.79 this morning.
At today’s average oil price of $60 per barrel for Brent crude, that’s $5.8 billion barrels consumed. Every. Day. The top three oil consumers—the United States (20%), China (13%), and India (5%) account for more than a third of the world’s consumption. Of those three, only the United States is a major oil producer. WTI Crude is $56.21; Brent is $60.85 this morning.
Markets are looking for guidance as to the Fed’s likely next move on interest rates. The Fed will likely leave room to cut interest rates further as the global economy, demand, and trade dispute continues to weigh heavily. This will act as a headwind for oil prices say some analysts. WTI Crude is $56.78; Brent is $61.03 this morning.
Recent conversations between U.S. and Chinese trade negotiators had been “positive,” and more conferences are planned over the next week to 10 days, the White House economic director, said on Sunday. WTI Crude is $55.94; Brent is $59.58 this morning.
Threats to the Saudi kingdom’s crude production and infrastructure highlight the risk to the global oil supply, given that Saudi Aramco is the world’s largest exporter. Saudi Arabia’s more than 100 crude deposits contain some 257 billion barrels of proved oil reserves, the world’s most significant conventional finds. WTI Crude is $55.10; Brent is $58.94 this morning.
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