Oil Falls After Libyan Ports Reopen, Trump Tariff Threat
Global oil benchmark Brent fell more than $2 a barrel on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals.The spectre of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets, as tension between the world's biggest economies intensified.Brent crude fell $2.10, or 2.7 percent, to a low of $76.76 before recovering slightly to $77.20, down $1.66, by 1325 GMT. U.S.
Brent Oil Hits 26-month Low Under US$97
Brent crude oil on Monday slumped to its lowest in over two years, below $97 per barrel as lacklustre economic data from China, the world's top energy consumer, cast a shadow over the outlook for oil demand at a time of abundant supply. * U.S. China's factory output grew at the weakest pace in nearly six years in August, while growth in other key sectors also cooled, raising fears the world's second-largest economy may be at risk of a sharp slowdown. October Brent, which was due to expire later on Monday, fell to as low as $96.21 a barrel, its weakest since July 2, 2012.
Brent Holds Above $98 Despite Weak Demand
Brent crude held above $98 a barrel on Friday, heading for its worst week in six as concerns over weak demand outweighed geopolitical worries in the Middle East and Ukraine. Weaker oil demand in China and Europe had caused growth in global oil demand to soften at a remarkable pace, the International Energy Agency said in its monthly report released on Thursday. The West's energy watchdog cut its demand growth projections by 150,000 barrels per day (bpd) to 900,000 bpd for 2014 and by 100,000 bpd to 1.2 million bpd in 2015.