US crude oil dropped more than 3% to $53.53 per barrel around 08:40 AM NY time on Friday, after China announced new tariffs on some US imports, escalating a trade conflict between the two countries. Prices were already under pressure after manufacturing PMI for the US contracted for the first time since 2009, increasing concerns over oil demand in the world’s biggest crude consumer. Brent crude oil dropped as much as 2% to $58.85 a barrel. Historically, Crude oil reached an all time high of 147.27 in July of 2008 and a record low of 1.17 in February of 1946.
Crude oil is expected to trade at 56.24 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 52.09 in 12 months time.