Oil falls more than $ 2 a barrel on concerns about OPEC offer, US work data | Einsmark news

Through Erwin Seba Houston oil prices, on Friday morning, more than $ 2 a barrel dropped over a possible increase in production by OPEC and its allies, while it is weaker-than-expected US work reports, which are concerned about the question. Brent rough futures were $ 2.04, or 2.85%, at $ 69.66 a barrel at 09:52 CDT. The US Western Texas -Internmedic crude oil was $ 1.95, or 2.82%, at $ 67.31. Both benchmarks remained on track for weekly profits. Three people familiar with discussions among OPEC members and Allied producers said the group could already reach an agreement on Sunday to increase production by 548,000 barrels per day in September. A fourth source familiar with OPEC talks said that discussions on the volume continue and the hike may be smaller. The US Department of Labor said the country added 73,000 jobs in July, lower than economists predicted, increasing the national unemployment rate to 4.2% from 4.1%. “We can blame US President Donald Trump with the rates, or we can blame the Federal Reserve because he has not raised interest rates,” said Phil Fly Flynn, senior analyst at Price Futures Group. “It looks like the Fed misrepresented their decision on Wednesday.” The Fed voted on Wednesday to keep interest rates unchanged and criticized Trump and a refrain from Republican lawmakers. Oil lost more than 1%in the previous session, although Brent remained on track for a weekly profit of 4.6%, with WTI on the way to a weekly profit of 6.5%. Oil traders have focused on the potential impact of US rates, with the tariff rates on US trading partners that will largely come into effect from next Friday. Trump signed an executive order on Thursday that imposed rates from 10% to 41% on US imports from dozens of countries and foreign areas that, by its deadline on August 1, could not reach the trade in August, including Canada, India and Taiwan. Partners who have managed to secure trade transactions include the European Union, South Korea, Japan and Great Britain. “We think that the resolution of trading transactions to market satisfaction – more or less a few exceptions – has been the most important driving force for oil price bullishness over the past few days, and that further progress with China trade conversations could be a further trust in the oil market in the future,” Sarkar said. Prices were also supported this week by Trump’s threats to set up 100% secondary rates on Russian rough buyers because he is trying to push Russia to stop its war in Ukraine. This expressed concern about possible disruption of oil trade flow and the removal of oil from the market. JP Morgan analysts said on Thursday that Trump’s fines on China and India threatened their purchases of Russian oil that jeopardized 2.75 million barrels per day of Russian oil exports of sea trees. China and India are the world’s second and third largest crude consumers. This article was generated from an automated news agency feed without edits to text.