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Oil gains on optimism in US-China trade talks

Tue Nov 26, 2019
watermark Economic news

According to trading data, world oil prices began to rise today amid optimism around the prospects for trade relations between the US and China. Additional support for oil quotes is provided by expectations of the OPEC+ meeting in early December. The current Brent oil price is $63.18 per barrel. 


Washington-Beijing trade relations continue to affect the oil market. Top US and Chinese trade negotiators held a phone call on Tuesday: Deputy Prime Minister He, the US Minister of Finance S. Mnuchin and the sales representative R. Lighthizer reached an agreement on many issues, including the cancellation of part of the tariffs. The optimism that the trade conflict will at least ease somewhat is currently preventing prices from falling.


Traders are also waiting for news on the prospects of the OPEC+ deal. The OPEC and OPEC+ meetings will be held December 5-6 in Vienna. Last week, Russian Energy Minister A. Novak said it was too early to talk about extending the OPEC+ deal. At the same time, Reuters reported, citing sources, that OPEC+ could extend an agreement to reduce oil production immediately until June at a meeting in December.


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