• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Oil holds above $57 on U.S.-China trade talks optimism

November 25, 20197:25 AM BOE Report Staff

Oil prices held above $63 per barrel on Monday as positive comments from the United States and China rekindled hopes in global markets that the world’s two largest economies could soon sign an interim deal to end their trade war.

West Texas Intermediate (WTI) crude was flat at $57.70.

CL1! chart by TradingView

Brent crude futures were up 12 cents at $63.51 a barrel.

“It is still all about trade talks,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “It seems to be dominating markets action at the moment.”

A move by China to protect intellectual property was also providing a supportive atmosphere for the trade talks, McCarthy added.

Analysts at Barclays said they saw Brent oscillating around $60 per barrel for the next two years.

U.S. national security adviser Robert O’Brien said on Saturday that an initial trade agreement with China was still possible by the end of the year.

On Friday, U.S. President Donald Trump and Chinese President Xi Jinping expressed a desire to sign an initial trade deal and defuse a 16-month tariff war that has lowered global growth.

Still, concern remains that events in Hong Kong, riven by months of anti-government unrest, could overshadow trade talk progress.

O’Brien warned on Saturday that Washington would not turn a blind eye to what happens in Hong Kong, where demonstrators were angry at what they see as an erosion of freedoms.

The Organization of the Petroleum Exporting Countries meets on Dec. 5 at its headquarters in Vienna, followed by talks with a group of other oil producers, led by Russia, known as OPEC+.

The group is widely expected to extend its supply cut to mid-2020 although the market is keen to see deeper cuts.

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Oil executives say demand will rise, despite emphasis on renewables
  • ARC Resources and Seven Generations to hold special shareholder meetings on proposed business combination
  • Oil rises on vaccine optimism, U.S. stimulus
  • Access to objective data is the key to ESG reporting success
  • Tamarack Valley Energy Ltd. announces fourth quarter and year end 2020 financial results and reserves highlights

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.