Trade conflicts make oil close without single direction

Future oil contracts closed without a single direction on Thursday, 12, with prices showing recovery after the strong fall view the day before. Comments from the Secretary of the Treasury of the United States, Steven Mnuchin, also influenced the agents.

In the New York Mercantile Exchange (Nymex), the WTI oil for August closed in low of 0.07%, at US $70.33 per barrel. Already in Intercontinental Exchange (ICE), Brent's barrel for delivery in September advanced 1.43%, for US $74.45.
At the beginning of the day, oil prices presented gains, recovering from the strong fall view the day before. Market agents reassessed the U.S. Energy Department's weekly inventory report (DoE), which showed a sharp drop in the stocked volume of oil on American soil. In addition, investors continued to monitor the return of oil exports by Libya and increased trade concerns around us and China.

According to Steven Mnuchin, the American government's intention to reinstate economic sanctions against Iran, among them on the oil industry, is that nations that import the US commodity comply with the barriers, including China and the European Union. "We are imposing maximum sanctions on Iran and they have been very effective," reiterated the Secretary's hearing in the Financial Services Committee of the U.S. House of Representatives.
The volatility in the oil prices this Thursday was also due to Libya. The state National oil Corporation withdrew the largest force in oil ports that kept Libyan oil away from global markets in the midst of the ongoing civil war. Analysts estimate that these ports can contribute approximately 700,000 barrels of oil per day to the global market. "When you get a change in the market and little liquidity, it increases your speed and you have falls of greater magnitude," said Harry Tchilinguirian, global director of commodity markets strategy of BNP Paribas.

Also on Thursday, the International Energy Agency (IEA) released its report on the oil market, warning that recent interruptions could stretch the world's idle capacity mattress and suggested that it would be ready to access Emergency supplies, if necessary. Source: Site Earth.

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