Energy

US-China trade war, US oil production in focus

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Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018.

Benjamin Lowy | Getty Images

Oil prices steadied on Friday after a rough week, squeezed about 4% lower by a combination of rising global supply and uncertain future demand.

U.S. crude surfaced for air for the first time in four days, gaining 15 cents, or 0.3%, to $54.33 a barrel by 0103 GMT. The contract was heading for a weekly loss of more than 4%.

Brent crude was up 6 cents, or 0.1%, at $59.68 a barrel, leaving it also on track for drop of nearly 4%.

Worries over global economic growth, along with oil demand, continued to haunt the market as leaders from the United States and China continue to…



Source cnbc.com

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