MTECHTIPS;-Oil dips on trade dispute, but Iran sanctions tighten outlook

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MTECHTIPS;-Oil dips on trade dispute, but Iran sanctions tighten outlook

MTECHTIPS-Oil prices dipped on Friday on worries that an escalating trade dispute between Washington and Beijing will stall economic growth and demand for fuel, even as renewed U.S. sanctions against Iran are expected to tighten supplies. Front-month Brent crude oil futures (LCOc1) were at $71.88 per barrel at 0646 GMT, down 19 cents, or 0.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were down by 22 cents, or 0.3 percent, at $66.59 a barrel. Prices eased on a possible slowdown in economic growth due to escalating trade tensions. For the week, Brent is set for a near 2 percent fall, while WTI is heading for a drop of nearly 3 percent. “The market seems to be focused on fears of reduced demand from China, partially due to the effects of the trade wars between China and the United States,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities. In the latest round of tariffs, China said it would impose additional tariffs of 25 percent on $16 billion worth of U.S. imports

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