Oil Falls With Higher Saudi Production and Trade Tensions

Oil slipped below $77 a barrel on Friday, under pressure from higher Saudi production and trade tensions between the United States and China, despite support from oil supply disruptions.


West Texas Intermediate graph

Top exporter Saudi Arabia told OPEC it raised oil output by almost 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.

Brent crude LCOc1, the global benchmark, was down 76 cents at $76.63 a barrel by 1148 GMT. U.S. crude CLc1 slipped 60 cents to $72.34.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza