Oil rose to its highest level in nearly three months after\nUS President Donald Trump signed a partial trade deal with China, and\nexpectations for global demand rose after OPEC+ agreed to deepen production\ncuts.<\/p>\n\n\n\n
The futures contracts on the New York Stock Exchange added\n0.7% on Friday after the rise. The agreement set the first phase of the new US\ntariffs that were to be introduced on December 15, and includes a promise from\nChina to buy more American agricultural commodities, according to people\nfamiliar with it. They added that the conditions had been agreed, but the legal\ntext had not yet been finalized.<\/p>\n\n\n\n
Crude oil is preparing for minimal gains this week due to\nthe positive sentiment about the trade deal, after rising more than 7% in the\nprevious week as OPEC and its allies agreed to cut production deeper than\nexpected. It remains to be seen how far the agreement between the United States\nof America and China will remove current tariffs that will be critical to\nreviving oil demand.<\/p>\n\n\n\n
“While the current trade deal will most probably limit\ndemand devastation, it might not be enough to counter an oversupplied market\nsaid Stephen Innes, head of key strategies for the Asian market. For this reason,\nwe may not witness a massive rebound in oil prices now, commensurate with the\nrisks to the environment.<\/p>\n\n\n\n
West Texas Intermediate crude futures for January delivery\nrose 31 cents, or 0.5%, to $59.49 a barrel on the New York Mercantile Exchange.\nThe contract that was traded rose by 1.6% on Thursday, by 0.5% so far this\nweek. Brent added to the February settlement of 0.7% to $64.63 a barrel on the\nLondon-based European Futures Exchange. Global crude oil was trading at $5.25\nfor WTI for the same month.<\/p>\n\n\n\n
Asian stocks and agricultural commodities such as soybeans\nand corn increased by more than 1% on Friday after news of the completion of\nthe partial trade deal. Discussions are now focused on retracting the existing\ntariffs that have accumulated over the past 20 months of conflict by as much as\na half.<\/p>\n\n\n\n
The officials said the first-stage agreement would include\nChinese commitments to do more to stop the theft of intellectual property. And\npostponing discussions on complex issues such as US complaints for a long time\non a wide network of subsidies ranging from cheap electricity to low-cost loans\nthat China uses to build its industrial power.<\/p>\n\n\n\n
Oil prices are likely to remain volatile because it is only\na partial deal, further negotiations will be necessary in order to reach a\ncomprehensive agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil rose to its highest level in nearly three months after US President Donald Trump signed a partial trade deal with China, and expectations for global demand rose after OPEC+ agreed to deepen production cuts. […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,4],"tags":[93,90,42,50,77,20,36,34,145,114,48,24,131,41,44,95,72,14,22,119,45,109,144,81,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1521"}],"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=1521"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1521\/revisions"}],"predecessor-version":[{"id":1523,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1521\/revisions\/1523"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1522"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}