Skip to content
City PM
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
Saturday 21 September 2019 9:18 am  |  Updated:  Saturday 21 September 2019 9:44 am

Oil prices post weekly gains despite last-minute dip on renewed trade tensions

By: Michael Searles

Add as a preferred source on Google

Oil prices fell on Friday on renewed concerns that the US-China trade war could escalate, but still posted strong weekly gains. 

Brent ended the week with its biggest increase since January following the attack on Saudi Arabia’s oil facilities last weekend. 

Read more: Oil prices plunge as Saudi production could return sooner than expected

On Friday, Brent fell to $64.28 per barrel, while WTI crude also fell marginally to $58.09 per barrel.

It came as prices pared gains, along with the stock market, following a decision from Chinese agriculture officials to cancel next week’s trip to US farm states, Montana and Nebraska. 

The cancellation occurred in the wake of trade talks with Donald Trump in Washington, who issued a statement declaring he wanted to complete a trade deal not just an agricultural agreement.

Despite this, Brent ended the week 6.7 per cent up, while WTI also rose by 5.9 per cent.

Prices had jumped by almost 20 per cent on Monday in the wake of the attack on Saudi Arabia’s oil production last weekend. 

It cut Saudi’s production in half, and cut global supplies by 5 per cent, prompting the spike.

Read more: US oil firm Vaalco looking for multi-million pound acquisition on London listing

Most of those gains have been pared though, on assurances Saudi would restore lost production by the end of this month. 

It has maintained a risk premium, however, due to the geopolitical tensions in the area with Saudi blaming Iran for the attack.

Read more

As it happened: Stocks higher as oil price sinks; Reeves makes bid to stay as Chancellor

North Sea oil terminal with storage tanks and docking facilities under a clear sky, highlighting energy infrastructure.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • Markets & Economics
  • News

Categories

  • Business
  • Markets

Related Topics

  • Oil prices

Trending Articles

  • Burnham tax plans spark investor rush to bank capital gains

  • Nothing fails to file accounts months after dissolution threat

  • I’ve taken the best train trips in the world. Here are my 5 favourites

  • Cruyff turn: Starmer allows pubs to stay open for England World Cup game

  • PwC joins the Canary Wharf crowd in major property shake-up

More from City PM

  • As it happened: Stocks higher as oil price sinks; Reeves makes bid to stay as Chancellor

    Markets
    North Sea oil terminal with storage tanks and docking facilities under a clear sky, highlighting energy infrastructure.
  • As it happened: Stocks jump on defence and metals boost; Oil on track to shed a fifth on US-Iran peace hopes

    Markets
    FTSE 100 stocks rise as Brent crude oil prices jump 1.8% to $104.98 amid Strait of Hormuz tensions and Trumps Iran stance
  • As it happened: Stocks rise as oil lower; Iran threatens ‘forceful response’ over Strait of Hormuz

    Markets
    North Sea oil terminal with storage tanks and docking facilities under a clear sky, highlighting energy infrastructure.
  • As it happened: Stocks tumble after Apple rattles global markets; UK food exports hit by US tariffs

    Markets
    Apple unveils new products at recent event showcasing innovative technology and sleek design to global audience
  • As it happened: Stocks rally as Trump touts Iran deal at G7 summit; Oil lowest since early-March

    Markets
    Breaking news concept with a dynamic world map, digital data streams, and futuristic technology elements
  • Interest rate cut is ‘off the table’, says Bank of England governor

    Economics
    Governor Andrew Bailey has launched a defence of the Federal Reserve's independence.
  • Reeves warned Iran war oil shock will lead to government borrowing spike

    Economics
    Rachel Reeves speaking at an IOD event.
  • As it happened: Stocks fall as US and Iran clash over Strait of Hormuz; Fed chair says inflation risk is easing

    Markets
    Bustling shipping activity in the Strait of Hormuz with tankers and cargo ships navigating Iranian waters.

City PM — European politics, business and analysis.

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Topics

  • Business
  • Markets
  • AI
  • Technology
  • Opinion
  • Energy

More

  • Politics
  • Economics
  • Fintech
  • Legal
  • Sport
  • Life

Company

  • About City PM
  • Editorial Policy
  • Corrections
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2026 City PM · Published by CityPM Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
About · Editorial Policy · Corrections · Contact · Privacy