Oil Prices Fall for 3rd Day in Row

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Oil prices declined on Friday. for the third consecutive trading session. amidst rising concerns regarding tensions between the United States and China.

The weekly report of Baker Hughes showed a decrease in the United States active oil rigs during the week by two to a total of 860.

The U.S. Energy Information Administration (EIA) reported on Wednesday that crude oil inventories declined by 4.3 million barrel to 401.5 million barrels in the week ended 31 August. while gasoline stockpiles increased by more than expected.

American oil production remained at its highest level ever at 11 million barrels per day.

Trade war concerns are still weighing on oil prices. with tensions between the United States and China expected to affect the demand on American crude oil.

Nymex futures for October delivery settled at $67.75 per barrel. down 2.9% for the week.