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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
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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.

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