Amid concern about the renewal of the trade war .. Oil prices record a successive loss for the third week

Oil prices rose when settling in Friday’s trading after imposing new sanctions on Iranian crude exports, but prices fell for the third week in a row with investors concern about the renewed trade war launched by US President Donald Trump on China and his threats to impose customs duties on other countries.

Brent crude futures rose 37 cents, or 0.5%, to reach $ 74.66 a barrel, but they fell 1.35% this week.

The US West Texas Intermediate crude increased 39 cents, or 0.55%, to reach $ 71.00 a barrel, while a weekly loss was 2.1%.

John Kdov, a partner at Ajin Capital LLC, said that the reports received on the Trump administration’s intention to impose customs duties have limited the gains after the penalties announced on Thursday.

“We are only trying to continue our way amid talking about imposing sanctions, abolishing them and the customs duties conversation that the White House is holding,” Kandov added.

KDDov stated that West Texas Intermediate crude remained at a level close to $ 70 a barrel, which appears to be the bottom of the trading scope.

“I don’t know if the oil prices are low enough for the president, but we will see,” he said.

Phil Flynn, chief analyst at the Price Futures Group, said that traders were awaiting Trump’s statements throughout the day that changes in American policies may quickly reshape the market.

The US Treasury said at the Thursday session that it had imposed new sanctions on individuals and oil carriers that help ship millions of barrels of Iranian crude annually to China, in a step to gradually increase pressure on Tehran.

“Imposing customs duties and suspending them temporarily is supposed to support the oil market as it increases a blurry condition,” said Michael Hai, head of the Global Primary Commodities Research Sector. But we did not see this because of the request concerns. Customs duties and their response from countries, harmful to global GDP … and demand for oil.

Trump announced at the beginning of the week the imposition of 10% customs duties on Chinese imports as part of a wide -ranging plan to improve the American trade balance, but suspended plans to impose large customs duties on Mexico and Canada.

“The pressure that drives a decline stems from the flow of news about customs duties and fears that any possible trade war will weaken the demand for oil,” analysts from BMI said in the memorandum.

Oil prices fell upon settlement in Thursday’s session after Trump again pledged to increase US oil production, which raised the concern of customers a day after. The country is much larger than expected in crude stocks.