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Business

REUTERS
September 16, 2018

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Oil mixed

Singapore : Oil prices pulled back on Friday on concerns additional US tariffs would be placed on Chinese imports, after an earlier rally triggered by worries that more sanctions on Iran might constrict supply.

Crude futures ended the week up up more than 1.6 percent.

Traders said an early rally on Friday was sparked by reports US Secretary of State Michael Pompeo was going to announce new sanctions on Iran.

"It increases the odds that there will be less oil coming out of there," said Phil Flynn, an analyst at Price Futures Group.

The gains were curbed though by reports US President Donald Trump instructed aides to proceed with tariffs on about $200 billion more of Chinese products.

Brent crude oil futures pulled back on the reports of additional tariffs, dropping 9 cents a barrel to settle at $78.09. The global benchmark fell 2.0 percent on Thursday after rising on Wednesday to its highest since May 22 at $80.13.

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