2019-08-06 12:45:00
OIL PRICE: NEAR $60
REUTERS - Oil prices rebounded slightly on Tuesday from big falls in recent sessions, but Brent crude remained near eight-month lows around $60 a barrel due to escalating trade tensions between China and the United States.
Brent prices have lost more than 9% in the past week, with U.S. President Donald Trump vowing to impose new tariffs on Chinese imports, and China making further moves against U.S. agricultural cargoes.
The United States also responded to a decline in China's yuan on Monday by branding the country a currency manipulator.
International benchmark Brent futures LCOc1 were up 28 cents at $60.09 a barrel by 0910 GMT, having dipped earlier in the session to their lowest since Jan. 14 at $59.07.
West Texas Intermediate crude CLc1 futures rose 38 cents to $55.07 per barrel.
With global equities hitting a two-month low .MIWD00000PUS on Monday, Brent fell more than 3% that day as traders worried the dispute between the world's two biggest oil buyers would dent demand, helping to prompt Tuesday's short-covering.
Meanwhile, Iran has threatened to block all energy exports out of the Strait of Hormuz, through which a fifth of global oil traffic passes, if it is unable to sell oil as promised by a 2015 nuclear deal in exchange for curbing uranium enrichment.
Britain on Monday joined the United States in a maritime security mission in the Gulf to protect merchant vessels after Iran seized a British-flagged vessel.
Oil prices could find some support later on Tuesday, with a Reuters poll showing U.S. crude oil inventories were expected to have fallen for an eighth consecutive week.
The American Petroleum Institute is set to release its weekly inventory data at 4:30 p.m. EDT (2030 GMT), with official government numbers to follow on Wednesday.
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Earlier:
2019, August, 5, 13:45:00
OIL PRICE: NEAR $61
Brent crude futures LCOc1 were down 71 cents, or 1.15%, to $61.18 per barrel by 0840 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were also down 71 cents, or 1.28%, to $54.95 a barrel.
2019, August, 2, 12:05:00
OIL PRICE: BELOW $62
Brent futures rose $1.21, or 2%, to $61.71 a barrel by 0657 GMT, while WTI futures gained 87 cents, or 1.6%, to $54.82 a barrel.
2019, August, 1, 12:15:00
OIL PRICE: BELOW $65
Brent crude futures, LCOc1 the international benchmark, fell 68 cents, or 1%, to $64.37 a barrel by 0709 GMT, having fallen more than $1 earlier in the session. U.S. West Texas Intermediate (WTI) CLc1 crude was down 72 cents, or 1.2%, at $57.86 a barrel, also having dropped more than a $1 earlier.
2019, July, 31, 14:00:00
OIL PRICE: NEAR $65
Brent crude futures LCOc1, the international benchmark for oil prices, were up 40 cents, or 0.6%, at $65.12 a barrel by 0842 GMT. U.S. West Texas Intermediate crude CLc1 gained 20 cents, or 0.3%, to $58.25 a barrel.
2019, July, 30, 12:25:00
OIL PRICE: NEAR $64 ANEW
Brent crude LCOc1 rose 46 cents, or 0.7%, to $64.17 a barrel by 0651 GMT, after gaining 0.4% the previous session. U.S. crude CLc1 was up 41 cents or 0.7%, at $57.28 a barrel, having risen 1.2% on Monday.
2019, July, 25, 20:35:00
OIL PRICE: ABOVE $63 ANEW
Brent crude futures LCOc1 were up 74 cents, or 1.2%, at $63.92 a barrel by 10:59 a.m. (1459 GMT), after hitting a session high of $64.23. U.S. West Texas Intermediate crude CLc1 was up 67 cents, or 1.2%, at $56.55 a barrel, after hitting a session high of $56.99.
2019, July, 20, 13:35:00
OIL PRICE: ABOVE $62
Brent crude LCOc1 futures settled 54 cents higher at $62.47 a barrel. West Texas Intermediate crude CLc1 futures rose 33 cents to end the session at $55.63 a barrel.
