Crude Oil Prices Fall

Oil prices retreated some ground from their peak marks of the last two months on Friday.

This is the result of the escalating trade conflict between the United States and China.

Now, oil trades at $58.36, which is a very minor addition of $0.07 or 0.12% from the previous close of $58.29.

The daily range is from $58.07 to 58.49, while the trading volume is 36.146K.

Beijing invited the key Washington officials for a new round of face-to-face negotiations in China.

As a matter of fact, oil prices jumped to their peak since late September on Thursday after it was announced that the Organization of the Petroleum Exporting Countries (OPEC) and Russia are likely to extend existing supply limitations to mid-2020.

Moreover, there are further street protests in Iran and Iraq, which are major oil producing and OPEC members.

Additionally, many leading economies such as the United States, France and Germany will report their manufacturing data later today which is expected to affect the market.