Oil prices rise amid trade talks
2019-01-09 07:25 am | Resource: News | No Views : 62
Crude oil rose early on Wednesday, extending gains on Tuesday. Reaching its highest level since Dec. 17, selling at $ 50.31 a barrel at 2:26 am CET.
Trade talks between the United States and China started at the beginning of the week, raising hopes of an end to the trade war between the two countries. US Assistant Secretary of State for fossil energy Steven Weinberg, a member of the negotiating team, said the talks were "going well" and would continue on Wednesday.
At the same time, the World Bank cut its forecast for global economic growth for 2019, citing trade tensions as one of the reasons. It also warned that fears of global trade were still rising.
Al Mazroui: OPEC hears Trump but has its own goals
Suhail al-Mazroui, chairman of the Organization of the Petroleum Exporting Countries (OPEC), said on Wednesday that he would "always do the right thing". He told CNBC in an interview before the end of his term that the Union does not play "with President Trump or any other president," but "always tries to maintain a balance" between supply and demand for oil.
The United Arab Emirates' energy minister said OPEC would not be satisfied with prices at levels that hinder global economic expansion. However, he claimed that the mass stopped "chasing" the price. Al Mazrouei ignored the potential impact of Qatar's departure, saying that his ability was not important.
No significant changes are expected in the crude market this year, he said, pledging fair conditions for both producers and consumers, while encouraging trillions of dollars in future production. US President Donald Trump criticized coordinated restrictions on oil exploitation, calling on OPEC to support low prices.
Crude Oil Trading
(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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