Oil becomes cheaper: Brent - $61.2 per barrel, WTI - $52.21

World oil prices in the morning of February 8 are falling amid worsening concerns over the prospects for trade relations between the two largest world economies - the United States and China. This is evidenced by the data of the auction.

 

At 7.42 Moscow time, the price of April futures for North Sea Brent crude oil mixture fell by 0.7%, to $61.2 per barrel. The price of March futures for WTI crude oil declined by 0.82% to $52.21 a barrel.

 

The focus of the markets was the statement by US President Donald Trump that his meeting with PRC Chairman Xi Jinping, at which it was planned to conclude a trade agreement, had not yet been scheduled. At the same time earlier this week, Chinese media reported that such a meeting could take place in late February in Vietnam.

 

Thus, concerns about the prospects for the trade conflict between the two countries and its impact on the global economy, whose growth is already slowing down, have escalated in the markets, RIA Novosti reports.

 

The slowdown in economic growth has traditionally negatively affected global oil demand. "Oil prices have rolled back to weekly lows, as the prospects for a slowdown in economic growth may signal a return in oil reserves," Edward Moya – “Oanda” analyst said to Reuters.

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