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2019-08-05 13:45:00

OIL PRICE: NEAR $61

OIL PRICE: NEAR $61

REUTERS - Oil prices fell on Monday on renewed global economic growth concerns after U.S. President Donald Trump threatened to escalate a trade war with China with more tariffs, which could limit fuel demand in the world's two biggest crude consumers.

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.

Both crude benchmarks fell last week, with Brent down 2.5% and U.S. crude falling 1% after plummeting by more than 7% on Thursday after Trump's tweet to the lowest level in about seven weeks.

Asian equity markets dropped to a six-month low on Monday while gold prices climbed as investors sought safe-haven assets.

Trump last week said he would impose a 10% tariff on $300 billion of Chinese imports starting on Sept. 1 and said he could raise duties further if China's President Xi Jinping failed to move more quickly towards a trade deal.

The announcement extends U.S. tariffs to nearly all imported Chinese products. China on Friday vowed to fight back against Trump's decision, a move that ended a month-long trade truce.

On Monday, China let the yuan tumble beyond the key 7-per-dollar level for the first time in more than a decade, in a sign Beijing may tolerate further currency weakness because of the trade dispute.

A lower yuan would raise the cost of dollar-denominated oil imports in China, the world's biggest crude oil importer.

Signs of rising oil exports from the United States also pressured prices on Monday. U.S. shipments surged by 260,000 barrels per day (bpd) in June to a monthly record of 3.16 million bpd, U.S. Census Bureau data showed on Friday.

The U.S. weekly oil rig count, an indicator of future production, fell for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling.

Iran's seizure of an Iraqi oil tanker raised some concerns about potential Middle East supply disruptions in the Gulf, with Iranian state media reporting on Sunday that its Iranian Revolutionary Guards seized the ship for smuggling fuel.

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Earlier:

OIL PRICE: NEAR $61
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.
OIL PRICE: NEAR $61
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.
OIL PRICE: NEAR $61
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.
OIL PRICE: NEAR $61
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.
OIL PRICE: NEAR $61
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.
OIL PRICE: NEAR $61
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.
OIL PRICE: NEAR $61
2019, July, 12, 08:30:00
OIL PRICE: NEAR $67
Brent for September settlement rose 38 cents, or 0.6%, to $66.90 a barrel on the ICE Futures Europe Exchange. Prices are up 4.2% this week. The global benchmark crude traded at a $6.32 premium to WTI for the same month.
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Tags: OIL, PRICE, BRENT, WTI
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2022, June, 28, 11:35:00
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OIL PRICE: NEAR $61
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OIL PRICE: NEAR $61
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OIL PRICE: NEAR $61
2022, June, 27, 11:45:49
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
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