RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2019-11-25 13:25:00

OIL PRICE: NOT ABOVE $64 ANEW

OIL PRICE: NOT ABOVE $64 ANEW

REUTERS - NOVEMBER 25, 2019 - Oil prices rose on Monday as positive comments from the United States and China rekindled hopes in global markets that the world's two largest economies could soon sign an interim deal to end their bitter trade war.

West Texas Intermediate (WTI) crude CLc1 rose 26 cents, or 0.45% to $58.03 a barrel by 0759 GMT, having ended last week little changed after tracking the trade talks through their ups and downs.

Brent crude futures LCOc1 were at $63.73, up 34 cents or 0.54%, the benchmark having also finished little changed last week.

"It is still all about trade talks," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. "It seems to be dominating markets action at the moment."

Monday's higher opening prices came after U.S. national security adviser Robert O'Brien said on Saturday that an initial trade agreement with China is still possible by the end of the year.

This came a day after U.S. President Donald Trump and Chinese President Xi Jinping expressed a desire to sign an initial trade deal and defuse a 16-month tariff war that has lowered global growth - though Trump said he had yet to decide whether he wanted to finalize a deal, while Xi said he would not be afraid to retaliate when necessary.

China's foreign ministry said on Monday it hopes the United States will work with Beijing on a basis of equality and mutual respect on the ongoing bilateral trade negotiations.

A move by China to protect intellectual property was also providing a supportive atmosphere for the trade talks, McCarthy added.

"This is a big step forward for potential trade negotiation if they are adopted as official policy," he said.

Still, concern remains that events in Hong Kong, riven by months of anti-government unrest, could overshadow trade talk progress.

U.S. national security adviser O'Brien warned on Saturday that Washington would not turn a blind eye to what happens in Hong Kong, where demonstrators were angry at what they see as an erosion of freedoms promised to the ex-British colony when it returned to Chinese rule more than 20 years ago.

Over the weekend, pro-democracy candidates scored a resounding win in district council elections.

The Organization of the Petroleum Exporting Countries meets on Dec. 5 at its headquarters in Vienna, followed by talks with a group of other oil producers, led by Russia, known as OPEC+. Prices could be pushed higher if OPEC+ agrees to extend its supply cut by three more months to mid-2020.

-----


Earlier:

OIL PRICE: NOT ABOVE $64 ANEW
2019, November, 22, 12:25:00
OIL PRICE: NOT ABOVE $64
Brent dropped 34 cents, or 0.53%, to $63.63 a barrel, WTI fell 31 cents, also down 0.53%, to $58.27 per barrel.
OIL PRICE: NOT ABOVE $64 ANEW
2019, November, 20, 12:10:00
OIL PRICE: ABOVE $60
Brent were at $60.71 a barrel, WTI erased early gains to be down 6 cents, or 0.1%, at $55.15 a barrel
OIL PRICE: NOT ABOVE $64 ANEW
2019, November, 18, 13:30:00
OIL PRICE: ABOVE $63
Brent were up 11 cents, or 0.2%, to $63.41 a barrel, WTI were 21 cents, or 0.4%, higher at $57.93 a barrel
OIL PRICE: NOT ABOVE $64 ANEW
2019, November, 15, 14:45:00
OIL PRICE: NOT ABOVE $62 YET
Brent was down 43 cents at $61.85 a barrel , WTI slipped 22 cents to $56.55 a barrel.
OIL PRICE: NOT ABOVE $64 ANEW
2019, November, 13, 13:05:00
OIL PRICE: NOT ABOVE $62 AGAIN
Brent edged down 32 cents, or 0.5%, to $61.74 a barrel , WTI was at $56.54, down 26 cents or 0.5%.
OIL PRICE: NOT ABOVE $64 ANEW
2019, November, 11, 13:25:00
OIL PRICE: NOT ABOVE $62 ANEW
Brent was down 69 cents, or 1.1%, at $61.82, WTI was 63 cents, or 1.1%, lower at $56.61 a barrel
OIL PRICE: NOT ABOVE $64 ANEW
2019, November, 8, 11:35:00
OIL PRICE: NOT ABOVE $62
Brent was down 44 cents, or 0.7%, at $61.85 a barrel, WTI was down 50 cents, or 0.9%, at $56.65 a barrel.
All Publications »
Tags: OIL, PRICE, BRENT, WTI