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An agreement between two countries to raise oil prices to the highest level
12/19 2019 09:16:24
[rtl]Shafaq News / Oil prices reached their highest level in three months, today, Thursday, to continue a series of strong rally that started a week ago, at a time when global markets received support from a breakthrough in trade relations between the United States and China.[/rtl]
[rtl]Brent crude futures rose eight cents to 66.25 dollars a barrel, while West Texas Intermediate U.S. crude increased four cents to 60.97 dollars a barrel, and trading volumes were meager, as news of President Donald Trump's accountability failed to move the oil market.[/rtl]
[rtl]This trend puts oil prices towards the rise for the third week in a row, to move thanks to the momentum generated by this month's announcements of increasing oil production cuts by major producers, as well as the "stage 1" agreement between the United States and China to end their long-running trade war.[/rtl]
[rtl]The agreement between the two largest economies in the world pushed the prospects of the global economy to improve, raising the possibilities of increasing energy demand in the next year, and supporting oil prices. Stage 1 "commercial.[/rtl]
[rtl]According to the Ministry of Finance, the exemption will be applied for a period of one year from December 26 without mentioning the value of duty-free imports.[/rtl]
[rtl]She added that the fees that were already imposed on American products will not be refunded, and the exemption from fees will apply to four chemical products and two refined oil producers.[/rtl]
[rtl]China raised the tariffs on some shipments of soybeans and pork from the United States on December 6, before the two sides reached a "one-stage" agreement, which aims to abolish customs duties that were to be applied on December 15.[/rtl]
[rtl]China has announced that it will continue to work to exempt products from customs duties, and will announce the second batch of exemptions in a timely manner.[/rtl]
[rtl]In another sign of a breakthrough in relations, the Chinese Ministry of Finance released today a new list of six US products that will be exempt from customs duties as of December 26.[/rtl]
[rtl]Last week, the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers such as Russia agreed to increase oil production cuts by 500,000 barrels per day as of January 1, in addition to previous cuts of 1.2 million barrels per day.[/rtl]
[rtl]According to weekly data released by the US Energy Information Administration yesterday, US oil inventories fell 1.1 million barrels in the week ending December 13, while gasoline and distillate stocks rose.[/rtl]
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