Oil Takes Another Hit – 9 August, 2019

Oil prices got support from OPEC, helping minimize the drop caused by ongoing U.S.-China trade war fears. U.S. West Texas Intermediate futures fell 9 cents or 0.2% to $52.45 per barrel. International benchmark Brent crude futures dropped 18 cents or 0.3% to $57.20. Reports of Saudi Arabia calling other producing countries to come up with a plan to help crude prices helped boost both contracts over 2%. After U.S. President Donald Trump threatened a 10% tariffs on Chinese goods, global financial markets have been moving, with many investors warning of a crash. Saudi Arabia, the worlds biggest oil exporter, has said that it plans to keep its exports below 7 million barrels per day for August and September to help balance out the market.