Oil Demand Concerns Causes Prices to Dip – 14 January, 2020

Uncertainty over U.S. oil demand ahead of the phase 1 trade agreement signing between the U.S. and China caused oil prices to dip. Tariffs will still be placed on Chinese goods until at least phase 2 which could affect demand. International Brent crude fell 0.3% or 19 cents to $64.30 per barrel. U.S. West Texas Intermediate crude futures dropped 0.3% or 19 cents to $58.04 per barrel. U.S crude inventories rose by 1.1 million barrels, with 2020 production expected to reach above 13.30 million barrels per day.