Oil prices rose on Wednesday, tracking gains in stock\nmarkets. Investors are pinning their hopes on a possible Brexit deal and on\nsignals from OPEC and its allies that further supply constraints could be\nclose.<\/p>\n\n\n\n
Brent crude oil prices rose 21 cents to 58.95 dollars, up\nabout 0.3% from the previous day’s close. US West Texas Intermediate crude\ngained 16 cents, or 0.3 percent, to $52.97 a barrel.<\/p>\n\n\n\n
\u201cOil is starting to see some bullish positions added on the\neasing of two big tail risks for global demand, the U.S.-China trade war and\nBrexit\u201d, analysts said. “While a broader trade deal seems unlikely in the\nimmediate future, the risks for the U.S.-China trade war have been\nfading.”<\/p>\n\n\n\n
Recent talks between te UK and the EU for a Brexit deal\nbefore the summit this week have continued until midnight until Wednesday, and\nit is unclear whether Britain can avoid delaying its October 31 departure.<\/p>\n\n\n\n
Analysts said any deal that avoided the difficult situation\nor disagreement on Brexit should boost economic growth following oil and price\ngrowth.<\/p>\n\n\n\n
OPEC Secretary-General Mohammed Barkindo said the\nOrganization of Petroleum Exporting Countries would do all it could along with\nits allied producers to keep the oil market stable beyond 2020.<\/p>\n\n\n\n
OPEC, Russia and other producers have cut oil production by\n1,200,000 bpd to support the market. However, the expected rise in US crude oil\ninventories this week kept prices under pressure. US crude oil is likely to\nhave grown for a fifth straight week, a preliminary Reuters poll showed.<\/p>\n\n\n\n
US oil inventory reports from the American Petroleum\nInstitute’s Industrial Group are due to be released on Wednesday and the US\nEnergy Information Administration on Thursday. Reporting was delayed by one day\nbecause of a US government failure.<\/p>\n\n\n\n
Concerns about the global economic slowdown due to the\nprolonged trade war between the United States and China and the swelling of US\nstockpiles have put pressure on prices. The International Monetary Fund warned\non Tuesday that the trade war between the United States and China will reduce\nglobal growth to a slower pace than the financial crisis between 2008-2009.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Wednesday, tracking gains in stock markets. Investors are pinning their hopes on a possible Brexit deal and on signals from OPEC and its allies that further supply constraints could be close. […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,4],"tags":[93,90,16,60,74,66,79,42,50,77,105,36,34,114,48,24,78,68,96,131,41,44,43,95,72,23,45,109,121,81,85,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1387"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1387"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1387\/revisions"}],"predecessor-version":[{"id":1389,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1387\/revisions\/1389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1388"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}