U.S. crude prices ended the session down by 36 cents, settling at $71.64 per barrel while International Benchmark, Brent Crude futures, were up by 24 cents closing at $79.81 per barrel. U.S. Crude oil exports went down by more than 800,000 barrels a day in the previous week to about 1.75 million barrels a day. Crude imports were up by 558,000 barrels.
So far, oil price has been up by 20 percent this year, with Brent touching the $80 mark propped up by OPEC’s efforts to cut down supply. OPEC may soon increase oil export because of worries over Iranian and Venezuelan production. The United States plans to re-impose sanctions on Iran, while a severe economic crisis threatens Venezuela’s crude industry.
Asian markets were bearish in the previous session due to concerns over the unresolved trade dispute between the U.S. and China. Japan’s Nikkei 225 went down by 1.25 percent giving up 270 points. A stronger yen also weakened the index – the yen climb higher by around 0.6 percent vs. its American counterpart.
Australian S&P/ASX 200 lost 0.2 percent. It was dragged down by its financial subindex. South Korean Kospi went also down by 0.35 percent. China’s mainland markets remained unchanged. The Hang Seng Index edged higher by 0.07 percent; the Shanghai composite closed a little just above the flat line.