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Oil Prices Erase Gains Despite String Of Bullish News



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Oil prices were trading down sharply on Friday morning, earlier than they looked like they might be heading for their biggest weekly gain since the beginning of July, thanks to a huge inventory draw, a hurricane approaching Florida, and somewhat softened U.S. Pat. vs China trade was rhetoric.

At 09:50 a.m. EDT on Friday, WTI Crude was down 0.78 percent at $ 56.27 and Brent Crude was trading down 0.55 percent at $ 60.1

6.

WTI, however, was still set to finish higher for a week.

AT the end of last week, China and the United States traded tariff and counter-tariff announcements, with Beijing saying that China would place tariffs on a range of US products worth US $ 75 billion, including crude oil, in two batches starting on September 1 and on December 15th. President Donald Trump retaliated with announcements of higher tariffs on Chinese products.

Oil prices continue to increase in volume.

The Energy Information Administration (EIA) reports on a 10-million-barrel draw in crude oil inventories, following the American Petroleum Institute's estimate of 11.1-million -barrel draw in inventories, released on Tuesday. The estimate pushed WTI Crude to the largest intraday gains in two weeks.

Hurricane Dorian which is approaching the Gulf of Mexico next week. Refiners are keeping an eye on the path of the hurricane.

By Tsvetana Paraskova for Oilprice.com

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