Brent plunges 4% amid trade war fears, Libya reopening ports

Markets 7/11/2018, 7:15 PM
Brent plunges 4% amid trade war fears, Libya reopening ports

Crude prices took another hit on Wednesday with Brent futures tumbling over 4% despite bullish data showing United states inventories declined by 12.6 million barrels to 405.2 million barrels for the week ending July 6.

As investment incentives remain low amid renewed trade war fears between the US and China, additionally the fall in oil prices was aided by news Libya will resume oil production and exporting activities from its 4 eastern oil ports.

West Texas Intermediate for August delivery fell 3.21%, changing hands for $70.22 per barrel at 7:24 pm CET while the international benchmark Brent for settlements in September lost 4.06% to trade for $75.53 per barrel at 7:23 pm CET.

Breaking the News / JC

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F WBS+0.08%

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Brent Crude (...+0.18%

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