OIL PRICE CRISIS: Oil prices RISE despite US-China trade war fears

as informed in OIL PRICES: US oil prices have risen despite fears over a Donald Trump trade warUS crude strengthened late in the session as the dollar index slipped to a four-day low, on reports US President Donald Trump worries that the Federal Reserve will raise rates twice this year. US drillers this week cut oil rigs by the most since March, with the rate of growth slowing over the past month with recent declines in crude prices. Drillers cut five oil rigs for a total of 858 rigs in the week to July 20, according to a weekly report from Baker Hughes. Prices also received a boost after OPEC's largest oil producer, Saudi Arabia, said it would temper its exports next month. AdvertisementOIL PRICES: US oil prices have risen against a weakening dollar

Oil prices rise, but post sharp weekly loss amid expectations for rising Libyan output

August West Texas Intermediate crude CLQ8+1.22% the U.S. benchmark, tacked on 68 cents, or 1%, to settle at $71.01 a barrel. Prices also briefly hit lows Thursday under $70 a barrel for the first time in over two weeks. Some analysts point out that any extra Libyan supply could be mitigated by ongoing outages in other countries and an expected eventual sharp drop in Iranian oil exports following the reintroduction of U.S. sanctions. The Saudis pumping more oil along with Russia, and possible exemptions on U.S. sanctions on Iranian oil leading to less oil off the markets later in the year "could halt the recent rise we have seen in spot prices," said Zahir. August heating oil HOQ8+0.68% added 0.5% to $2.133 a gallon, for a weekly loss of around 1.6%.

Oil prices could top $120 before year-end

as informed in Global oil demand is expected to average 99.1 million barrels a day this year, but global oil supply stood at 98.8 million barrels a day in June, according to the International Energy Agency. The IEA forecasts that global oil demand will grow to 100.5 million barrels a day in 2019, from 99.1 million this year. It's capable of pumping about 10.6 million barrels a day, just above current output of 10.3 million barrels a day, he says. Global oil inventories may decline early in the fourth quarter "to levels that have historically seen triple-digit oil prices," says Goehring. He believes that Brent oil prices will reach $100 a barrel this year.

Oil prices are high. So why is the Canadian dollar still so low? - National

One doesn't need to be a currency analyst to know that, usually, when oil prices rise, so does the Canadian dollar. The currencies of other big oil exporters, like Russia and Norway, aren't getting a big boost from the recent oil price gains, either. In the U.S., where a booming economy was already pushing up inflation, climbing oil prices make future rate hikes even more likely, the markets seem to be forecasting. Of course, high oil prices tend to push up inflation in every country. "Many other central banks have said [the fact that oil prices are higher] doesn't mean we're going to hike rates," Anderson said.

Oil prices are growing, the loonie is low — for Alberta, that could mean $3 billion: BMO

WATCH: Canada's inflation rate rose to 2.5% in June, due in large part, to rising oil prices. For years, Canada hasn't had much reason to cheer news about oil prices. Coverage of oil prices on Globalnews.ca:Oil prices could soon begin to surge Oil prices surge, but Canadian producers not reaping the benefits Oil prices rise again, Alberta adds jobs in October Calgary energy analyst says don't blame low oil prices for pipeline pullout Alberta shouldn't bank on surge in oil prices: reportPlenty has changed in three and a half years. But even that doesn't fully account for the money Alberta could make with oil prices where they are. "As a result, the [financial impact from] oil prices has likely increased since Budget 2018, providing additional upside," Kavcic wrote.

collected by :Frank Ithan