Oil prices are reacting to concerns about a slowdown in economic growth.
Brent crude was down 30 cents, or 0.5%, at $60.19 a barrel.
Today it is trading at $60.36
US crude WTI was down 15 cents, or 0.3%, at $55.63 a barrel on Thursday.
Today WTI rose to $56.35.
Bleak future for oil prices
the U.S. and China escalated the trade war, rekindling fears of slowing global economic and oil demand growth.
Despite losses of barrels from Iran and Venezuela due to the U.S. sanctions, OPEC may have to cut its production by another 1 million bpd for prices to be supported close to $60 per barrel, according to Emma Richards, senior industry analyst at Fitch Solutions.
This is all the more important because the Kingdom would need as high a price as possible in view of the listing of its giant oil firm, which could see Aramco listing the company shares on Tadawul, now a full MSCI member, by end of 2019.
Also, the oil market is already struggling with too much supply, and the U.S. is about to flood the world with a lot more.
In the last decade, the U.S. has more than doubled oil production to 12.3 million barrels a day, making it the world’s largest producer.