Friday, 13 July 2018

Oil Prices Trade Lower Despite Spare Capacity Warning, U.S. Shale Output in Focus-SapForex24

Oil prices headed lower in European morning trade on Friday as concerns about a China-U.S. trade war and the return of Libyan oil to the market offset a warning about a shortage in global crude supplies despite increases in production from the Organization of Petroleum Exporting Countries.

New York-traded West Texas Intermediate crude futures fell 16 cents or 0.23% to $70.17 a barrel.Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down 73 cents or 0.98%, to $73.72.

In other energy trading, gasoline futures fell 0.79% $2.0572 .while heating oil lost 0.81% to $2.1060 a gallon.

Lastly, natural gas futures dipped 0.04% to $2.796 per million British thermal units.

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