Oil rises, thanks to hopes of a trade agreement and reduced supplies
15:30 - 17/12/2019
Information / follow-up ..
Oil prices rose today, Tuesday, with continued investor confidence in light of hopes that continued work on a full trade agreement between China and the United States would boost demand for oil in the world's largest economies.
Brent crude futures rose 11 cents, or 0.2 percent, to $ 65.45 a barrel by 0737 GMT, while West Texas Intermediate U.S. crude rose nine cents, or 0.2 percent, to $ 60.30 a barrel.
Under a partial trade agreement announced last week, Washington will cut part of the import tariffs from China in exchange for Chinese purchases of agricultural, processed and energy products that increase by nearly $ 200 billion over the next two years.
Larry Codlow, senior adviser to the White House, said on Monday that the so-called 'stage one' of the trade agreement was "completely completed," adding that US exports to China would double under the agreement.
The agreement has not yet been signed, and a number of Chinese officials have told Reuters that drafting the agreement remains a critical issue and requires accuracy to ensure that the expressions used in the text do not lead to an escalation of tensions again and deepening differences.
JP Morgan and Goldman Sachs revised oil price forecasts for the coming year as the OPEC-led agreement to further cut supplies combined with improved trade prospects between the United States and China. 25 h has ended