Geopolitical pressures were among the features of an uncertain week.
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President Donald Trump sent a clear message to all countries buying oil from Iran that the grace period had ended
In Friday trading, Brent crude was priced just above US$72 with WTI around US$63 a barrel
Many analysts have been telling us for months that all crude is not created equally and the shortage of heavy crude is now a factor in global supply.
On Friday trading, Brent crude was priced above US$68 with WTI holding just above US$60 a barrel
Inventories in the US are down more than expected with WTI hitting a record US$60 a barrel this week
In Friday trading, Brent was just below US$66 with WTI (West Texas Intermediate) holding above US$56 a barrel
The optimistic start to the week was short lived and in Friday trading, Brent was struggling close to US$62
The first two weeks of trading got off to a good start with projections for more sustained economic growth
The International Energy Agency says it expects non-OPEC supply to rise by 2.3 million barrels a day this year
In Friday trading, Brent crude was priced above US$72 with WTI (West Texas Intermediate) holding above US$63 a barrel.
The US is about to impose sanctions on Iran but Saudi Arabia reckons that, despite that, we are in danger of having to cope with a surplus of oil
In Friday trading, Brent crude was priced above US$79 with WTI close to US$71 a barrel
July was a tough month on the oil market with both benchmarks suffering high declines not seen since 2016.
The international crude benchmark dropped more than 6% this week as Saudi Arabia delivered more oil to the market.
Global trade wars and geopolitics are adding to the gloom and impacting the price on a daily basis.