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Oil prices end the week on a decline

The oil prices have ended down on Friday, worries about a higher level of tensions between China and the United States, adding to the doubts that persist on the dynamism of the demand for black gold.

read also : Covid-19: the world health Organization caught between the United States and China

a barrel of Brent North sea for delivery in July was $ 35,13 dollars in London, down 93 cents, or 2.6% compared to the end of Thursday. In New York, the barrel american WTI for July has lost its side 67 cents, or 2%, to 33.25 dollars. "The oil market is still not out of the woods," said Eugen Weinberg, of Commerzbank, in particular because "the most important component of the supply-demand equation, namely demand, remains weak". The global demand for oil "will not return to its level before the crisis of the day to the next", has completed Naeem Aslam, of Avatrade.

In addition, tensions between Beijing and Washington resurface and threaten the vigor of a global economic recovery, "that it is because of the pandemic or plans to impose a new security law to Hong Kong," explained Han Tan, of FXTM. A bill was filed this Friday to enable the central government to apply a law "on national security" in the autonomous territory on the occasion of the annual session of the national people's Assembly (ANP), the chinese Parliament.

Tensions between China and Hong Kong

The United States were accused on Friday, the China of wanting to wear a "fatal blow" to the autonomy of Hong Kong, threatening trade retaliation on this new front, which comes to worsen relations already strained to the extreme about the coronavirus. In addition, "China's decision to abandon a target of GDP for the year", a first in recent history, "testifies to the continued uncertainties that the markets are facing," added Han Tan of FXTM.

The price of oil has, however, improved significantly on the set of the week: from Monday to Friday, WTI and Brent, respectively, are appreciated by 13% and 8%. The markets of WTI and Brent are going to make a break of three days due to the holiday Monday in the United States and the United Kingdom. The exchanges will resume on the night of Monday to Tuesday.

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