Oil prices rose on Friday despite the start of U.S. President Donald Trump'...
TOKYO - Oil prices rose on Friday despite the start of U.S. President Donald Trump’s tariff hike on $200 billion of Chinese goods, stoking the trade dispute between the world’s two biggest economies.
Prices were supported by tighter supply amid ongoing production cuts by the Organization of the Petroleum Exporting Countries and U.S. sanctions on Iran and Venezuela. Brent is down slightly on the week, on course for its second weekly loss, while U.S. crude is set for a weekly gain of 0.2% in what would be its first gain in three weeks.
“We could see the Iran situation be the biggest bullish catalyst for oil prices,” he said. “With the ending of the U.S. sanction waivers becoming effective this month, Iranian shipments are falling sharply.”
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