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Oil prices rise amid trade talks

2019-01-09 07:25 am | Resource: News | No Views : 114

 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
  • WTI crude futures for February delivery rose 1.11% to break the $ 50 barrier
  • While the benchmark Brent crude for March delivery rose 0.94% to $ 59.14 a barrel at the same time.

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Best Opportunities, Vision and Technical Analysis for The Oil 22 March 2019

  (CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a bullish direction in the near term. Oil continues to gain further after breaking the resistance level around 57.87 higher as the bulls managed to push oil to the level of 60.26. In view of the technical indicators Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought…

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