Delays On Chinese Tariffs Causes Oil To Rise – 13 August, 2019

The United States decision to delay 10% tariffs on Chinese imports cause oil prices to rise by the most so far this year. International Brent Crude futures gained 4.7% and $2.73 to $61.30 per barrel, its biggest daily gain since December. U.S. West Texas Intermediate crude rose 4.0% percent and $2.17 to $57.10. Analysts expectations of a drop in inventories took a turn when they climbed 3.7 million per barrel instead of dropping 2.8 million barrels. Saudi Arabia announced its plans to keep OPEC exports to bellow 7 million barrels to drain global inventories.