empty
 
 

2019.01.1105:58:00UTC+00Oil Set For Second Weekly Gain On US-China Trade Hopes

Oil prices rose on Friday and remained on track for solid weekly gains, reflecting optimism that the United States and China can reach a reasonable trade deal before a March 2 deadline.

OPEC-led crude output cuts also tightened supply. Global benchmark Brent crude rose 0.6 percent to $62.05 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 0.8 percent at $53.01 per barrel. Both Brent and WTI remain on track to post their second week of gains.

Prices remain supported by hopes that an all-out trade war between Washington and Beijing could be averted.

Three days of U.S.-Chinese talks aimed at ending a costly tariff battle wrapped up Wednesday in an optimistic atmosphere, with China's Commerce Ministry saying that the two sides held an "extensive, in-depth, and detailed exchange" on trade issues, including structural factors. Further negotiations would likely follow this month.

On the supply front, production cuts agreed by OPEC and its allies are on track to balance global oil markets in the first half of 2019.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback