In The Today Report Of Best Commodity Tips expert, Crude prices showed softening on Friday. The reason for this is the possibility of the sluggish global economy. However, the reduction in the supply of member countries of OPEC and the US ban on Venezuela did not result in a major drop in crude prices.
US West Texas Intermediate (WTI) crude futures dropped 44 cents to $ 52.20 a barrel. On Thursday, the WTI decreased 2.5 percent. Crude prices, the global benchmark Brent crude oil futures, also dropped 44 cents to $ 61.19 a barrel.
A trade war between the US and China is not expected to end soon. American-born Donald Trump said on Thursday that he would not meet China's President Xi Jinping at the end of this month. From 1 March, the US charges will apply to China's products. This news has affected crude prices.
The expertise of Best Commodity Tips Said Brokerage firm Oanda analyst Edward Moya said: "Prices of crude have come down to the week low due to the slowdown in growth, it is being seen as an indication of increasing inventory."
