Oil slips on trade fears but soars in week after Saudi production attacked

Oil prices eased on Friday on renewed concern over the US-China trade war, but futures still posted weekly gains, with Brent marking its biggest weekly increase since January, after an attack on Saudi Arabia's energy industry last weekend.[NEW YORK] Oil prices eased on Friday on renewed concern over the US-China trade war, but futures still posted weekly gains, with Brent marking its biggest weekly increase since January, after an attack on Saudi Arabia's energy industry last weekend.

The cancellation came as trade talks were held in Washington and US President Donald Trump said he wanted a complete trade deal with the Asian nation, not just an agreement for China to buy more US agricultural goods.For the week, however, Brent rose 6.7 per cent, its biggest gain since January, while WTI gained 5.9 per cent, the most since June.

Prices, however, have kept a risk premium as geopolitical tensions in the region have escalated with the United States and Saudi Arabia blaming the attack on Iran. Tehran denies any involvement. State-owned Saudi Aramco has switched crude grades and delayed crude and oil product deliveries to customers by days after the attack severely reduced its light oil production and led to output cuts at its refineries, market sources said.

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