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Crude oil closed higher on Friday but is lower week-on-week

By A/S Global Risk Management.



Michael Poulson, Global Risk Management. Image credit: Global Risk Management


Updated on 23 Jul 2018 03:36 GMT

The USD as measured by the DXY Index weakened considerably on Friday. It is also lower today as of Asian trade at the time of writing. Friday's move was triggered by reports that the Federal Reserve will raise rates twice this year.

US Baker Hughes released its oil rig count data on Friday. Oil rigs in operation fell by 5 to 858. This number has been slowing down or decreasing with the volatile and unpredictably lower oil prices.

Saudi Arabia reported that its August production numbers are expected to be 100,000 bpd lower. OPEC Governer Adeeb Al-Aama said that "Saudi Arabia's policy is to work on satisfying customer's needs, but to do so while adhering to OPEC and non-OPEC supply agreements".

US-China trade tensions are ongoing, with US President Trump saying in a CNBC interview that he was ready to impose tariffs on all $500bn of imported goods from China. All asset classes have been affected by the tensions since they began and this will impose a ceiling on prices.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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