Investing.com - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Oil prices steady amid hopes for U.S.-China trade deal

Published 11/26/2019, 09:23 AM
Updated 11/26/2019, 09:24 AM
© Reuters. Oil prices steady amid hopes for U.S.-China trade deal
LCO
-
CL
-

TOKYO, Nov 26 (Reuters) - Oil prices were steady on Tuesday,
holding onto gains from the previous session, after positive
comments from the United States and China kept alive hopes that
the world's two largest economies are soon to agree an end their
trade war.
Brent crude futures LCOc1 were down 1 cent at $63.64 at
0121 GMT, after rising 0.4% in the previous session.
West Texas Intermediate crude CLc1 was down 3 cents at
$57.98, having risen 0.4% on Monday.
China and the United States are "moving closer to agreeing"
on a "phase one" trade deal, the Global Times - a tabloid run by
the Chinese Communist Party's official People's Daily -
reported.
"While a phase one agreement has yet to be signed, and the
terms still unclear, the path towards de-escalation and
cancellation of tariff hikes ... is nevertheless positive for
markets," J.P. Morgan said in a note.
Still, the Global Times report noted that Washington and
Beijing had not agreed on specifics or the size of rollbacks of
tariffs on Chinese goods. Beijing's insistence that Washington
roll back the Trump administration's tariffs has been a major
sticking point.
On the supply side, the Organization of the Petroleum
Exporting Countries (OPEC) meets on Dec. 5 at its headquarters
in Vienna, followed by talks with other oil producers, including
Russia, that combined with the cartel make up the OPEC+ group.

The broader producer group is widely expected to extend a
supply cut to mid-2020.
"We assume OPEC+ extends output cuts to the end of 2020,"
J.P.Morgan 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.