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Oil prices on track for a weekly fall

US oil dropped today, extending downward movement to four days, while Asia’s share markets continued selling on Wall Street following stirred up worries of a trade war in view of reports on projected US tariffs for steel and aluminum.

President Trump claimed he would set big tariffs on these materials to help US companies, which could make partnering countries like China, Canada and the EU take countermeasures.

Brent stood at $63.81 this morning, 2 cents down, though the entire session it held a bit higher. The contract fell by 1.4% yesterday, reaching the lowest mark in two weeks.

Brent is on track to slump by 5.2%. US WTI was at $60.88, 11 cents loss, while on Thursday it had had an intra-day slump to $60.18.

US oil is about to dwindle by 4.2% this week, though previous two weeks registered gains, with the big part of rise lost in recent weeks when mood was caused by a decline in inventories at a certain delivery point.

Ric Spooner of Sydney’s CMC Markets says that the market does not seem to be changing the mood, it is impacted by the rise of U.S. inventories and simply put it went a little too far too soon.

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