[Singapore 4th Reuters]-Crude oil futures in Asia time rose slightly. However, due to concerns that the global economic slowdown will lower crude oil demand and that Saudi Arabia has revealed a full recovery of production, it is expected to be significantly lower in the week.
As of 0138GMT (10:38 am Japan time), the North Sea Brent futures <LCOc1> is $ 0.08 (0.1%) higher per barrel = $ 57.79.
US WTI Crude Oil Futures <CLc1> is $ 52.57, an increase of $ 0.12 (0.2%).
In the week, Brent futures are down 6.7%, a significant drop since last December. WTI futures are also down 6%, down significantly since July.
Concerns over the global demand for crude oil and the future of the US economy have strengthened as the non-manufacturing sector index announced on the 3rd in the US has been soft.
“There is growing concern over global demand for crude oil. Given the drastic price decline over the past week, next week's US-China trade talks will be particularly important,” said Axtraderer, Asia-Pacific market strategist Steven Ines. He said.
In addition, Saudi Minister of Energy Abdul Aziz Bin Salman revealed on the 3rd that oil production, which had been declining due to the oil facility attack last month, has fully recovered.
