Investing.com - Financial Markets Worldwide
🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

Oil prices rise as China agrees to more U.S. energy purchases

Published 01/16/2020, 09:42 AM
Updated 01/16/2020, 09:48 AM
© Reuters. Oil prices rise as China agrees to more U.S. energy purchases
LCO
-

TOKYO, Jan 16 (Reuters) - Oil prices rose on Thursday,
propelled higher by the long-anticipated signing of an initial
trade deal between Washington and Beijing that sets the stage
for a potentially huge increase in energy supplies from the
United States to China.
Brent LCOc1 was 33 cents, or 0.5%, higher at $64.33 a
barrel by 0118 GMT, while U.S. crude was up by 28 cents, or
0.5%, at $58.09 a barrel.
Under the so-called Phase 1 deal to call a truce in a trade
war between the world's two biggest economies, China committed
to buying over $50 billion more of U.S. oil, liquefied natural
gas and other energy products over two years. However, trade sources and analysts said China would
struggle to meet the target and gains in oil are likely to be
limited ahead of more detail on how the commitments will be
achieved. "Since this deal is only a truce, without cutting import
tariff(s) materially, the impact is limited," ANZ said in a
note.
"As Phase Two negotiations will track the progress of Phase
One, uncertainty remains. We think the tension will re-escalate
later this year," the Australian bank said.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.