Oil closes flat and ends the week on a low

Media In \ Agencies 11-05-2019
Oil prices closed little changed on Friday, ending the week lower as trade tensions between the United States and China surged after Washington raised tariffs on Chinese goods, overshadowed a global supply shortage and expectations of rising demand from US refineries.
Global Brent crude futures closed up 23 cents, or 0.4 percent, to settle at $ 70.62 a barrel. But it ends the week with a loss of 0.3 percent.
US WTI crude fell 4 cents to close at $ 61.66 a barrel and the week ended 0.5 percent lower.
After a turbulent week, investors are concerned about the prospect of a more bitter trade war between the United States and China for a longer period despite last-minute efforts to salvage an agreement.
Growing trade tensions between the largest oil consumers in the year may affect demand for crude.
The United States and China together accounted for 34 percent of world oil consumption in the first quarter of 2019, according to data from the International Energy Agency.