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Oil rises with optimism in trade negotiations

2019-01-08 10:01 am | Resource: News | No Views : 64



 Oil prices held steady on Tuesday after rising yesterday as oil futures traded on hopes that the United States and China would reach a trade deal as the two countries continue negotiations in Beijing.

China's Foreign Ministry said on Monday the two sides were ready to work together for a mutually-beneficial solution, while US Commerce Secretary Wilbur Ross said there was "a very good chance" for the talks to end in a "reasonable settlement." The United States and China "can live with."

Oil production cuts approved by Opec and other major producers, including Russia, have contributed to rising crude oil prices, but gains have been offset to some extent by rising crude oil production in the United States.

Oil contracts
  • The Brent Global Index for delivery in March rose 0.54% to be sold for 57.64 dollars a barrel at 10:19 CET and
  • WTI , bringing the delivery price in February up 0.68% to $ 48.85 a barrel at 10:20 CET.

Chinese oil contracts

On the other hand, China's yuan futures fell marginally at the end of trading today, as the outcome of the trade talks between Washington and Beijing awaited the Shanghai Mercantile Exchange.

Although crude inventories are expected to fall in the United States.
  •  Crude futures for March delivery fell 0.10 percent, or 0.4 yuan, to end the session at 405.5 yuan a barrel ($ 59.16).


Other analysis

OIL Technical analysis 18 January 2019

  (CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a sideway direction in the near term. Oil is still facing resistance and selling pressure around the 52.50 -  53.37 levels, but is still consolidating at a high of 50.33. In view of the technical indicators Both the RSI and Stochastic are indicating to decline of the indicators. Therefore, we expect that the oil…

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