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Commodity - Oil prices mixed on China tariff talk concerns.

Byline: S. Kamal Hayder Kazmi

Oil prices pulled back on Friday on concerns additional U.S. tariffs would be placed on Chinese imports, after an earlier rally triggered by worries that more sanctions on Iran might constrict supply.

Crude futures ended the week up more than 1.6 percent.

Traders said an early rally on Friday was sparked by reports US Secretary of State Michael Pompeo was going to announce new sanctions on Iran.

The gains were curbed though by reports US President Donald Trump instructed aides to proceed with tariffs on about $200 billion more of Chinese products.

Brent crude oil futures pulled back on the reports of additional tariffs, dropping 9 cents a barrel to settle at $78.09. The global benchmark fell 2.0 percent on Thursday after rising on Wednesday to its highest since May 22 at $80.13.

US West Texas Intermediate (WTI) futures settled up 40 cents at $68.99 a barrel after dropping 2.5 percent on Thursday.

After a volatile week, Brent was set for a 1.6 percent weekly rise and WTI 1.8 percent.

Brent reached a session high of $78.94 a barrel, as speculators attempted to push the price above the $79.00 level. Brent crude futures have reached a high around $80.00 a barrel three times this year before pulling back.

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Publication:Pakistan & Gulf Economist
Date:Sep 23, 2018
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