Oil prices post gains on Friday

Posted 26 July, 2019

The oil market has been marked with a price upturn at the end of the week. The rise is reportedly related to the persisting tensions in the Middle Eastern region. At the same time, some negative impact on the markets is coming from the Washington-Beijing conflict which hampers the potential of global economic growth.

According to the market statistics, the prices for Brent futures soared to some $63.61/bbl and WTI ones reached $56.32/bbl.

The market experts mainly stated that the ongoing trade conflict between two majors economies keeps causing concerns since the risk of slower global economic growth is getting more real even despite the anticipated downward revision of the interest rates by the central banks worldwide.

At the same time, short supplies on problems in the Middle East have become an only short-term driver for the prices, though in general oil quotes are still depressed.
 

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