Global benchmark Brent crude stabilized on Friday as a weakening dollar and lower expected August oil exports from Saudi Arabia supported the market, overtaking concerns about U.S.-China trade tensions and supply increases.
Despite Friday’s gains, prices remained on course for a third consecutive weekly decline as supply increases pulled prices lower during the course of the week.
China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day – taking away our big competitive edge. As usual, not a level playing field…
— Donald J. Trump (@realDonaldTrump) July 20, 2018
….The United States should not be penalized because we are doing so well. Tightening now hurts all that we have done. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. Debt coming due & we are raising rates – Really?
— Donald J. Trump (@realDonaldTrump) July 20, 2018
Brent crude was up 45 cents at $73.03 a barrel by 10:55 a.m. EDT (1455 GMT). The expiring U.S. West Texas Intermediate (WTI) crude for August delivery was unchanged at $69.46 a barrel, while the more liquid September contract fell 22 cents to $68.02.
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