Oil prices on Friday were set for their biggest weekly gains since early July, b...
TOKYO - Oil prices on Friday were set for their biggest weekly gains since early July, boosted by a decline in U.S inventories and a looming hurricane in Florida, while new signs of trade talks between the United States and China emerged.
U.S. West Texas Intermediate crude futures CLc1 fell 7 cents, or 0.1%, to $56.64 a barrel. The contract is set for a gain of more than 4% this week. Worries about a slowdown in economic growth due to the trade war between the United States and China and the impact on oil demand, the countries are world’s two biggest oil consumers, kept a lid on price gains, even as falling inventories indicate a balancing market.
Dorian is heading toward landfall on the Atlantic coast of Florida over the weekend and may enter into the eastern Gulf of Mexico next week. It is forecast to strengthen and become a highly dangerous Category 4 hurricane on Sunday, the National Hurricane Center said. Government data on Wednesday showed U.S. crude stocks dropped last week by 10 million barrels to their lowest since October as imports slowed, while gasoline and distillate stocks each fell by over 2 million barrels.
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