Oil prices rise amid concerns over global demand, bullish sentiment
Oil prices increased for the week ending Aug. 30 amid growing concerns about U.S.-China trade tensions and a string of bullish news, with the price of West Texas Intermediate (WTI) for October delivery up 1.72 percent and Brent crude oil for October delivery up 1.84 percent.
WTI closed the week at 55.1 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude finished the week at 60.43 dollars a barrel on the London ICE Futures Exchange, swinging around the 60-dollar-level during the week, Trend reports citing Xinhua.
WTI and Brent crude prices have increased 21.34 percent and 12.32 percent, respectively, so far this year, falling from their peak levels in April when the growth of WTI hit over 40 percent, and Brent crude over 30 percent.
During the week, WTI and Brent crude moved in the same directions. Oil prices continued to be capped by concerns over the slowdown of global economic growth, but a huge draw in U.S. oil inventories, along with some bullish news such as a hurricane approaching Florida, a plunge of U.S. active drilling rigs, as well as somewhat softened U.S. vs China trade issue rhetoric and Russia's oil output cuts in August, provided floor for the prices.
Oil prices declined on Monday after news came that a France-proposed meeting between top leaders of the United States and Iran might be possible. WTI decreased 0.53 dollar to settle at 53.64 dollars a barrel, while Brent crude lost 0.64 dollar to close at 58.7 dollars a barrel.
Oil prices increased for three consecutive days on Tuesday, Wednesday and Thursday as investors' long-time oversupply concerns were eased by a steep drop in U.S. crude oil inventories.