Oil prices rose on Thursday thanks to a possible boom in the\nSino-American trade war and OPEC-led efforts to limit oil production in the\nmarket, although trading was calm as many markets were closed due to holidays.<\/p>\n\n\n\n
The price of Brent crude increased by 16 cents, or 0.2\npercent, to 67.36 dollars a barrel, while the price of the American West Texas\nIntermediate crude oil increased by 20 cents, or 0.3 percent, to reach 61.31\ndollars per barrel.<\/p>\n\n\n\n
It seems, according to analysts, that oil prices still\nmaintain their strength at the end of the year, supported by a combination of\nfinal progress in the trade deal between the United States of America and\nChina, the OPEC \/ OPEC + agreement, and a slowdown in shale activity.\nConsequently, all of this indicates a solid performance expected for oil prices\nin the first quarter of 2020, and this is contrary to what was previously\nreported.<\/p>\n\n\n\n
US President Donald Trump said on Tuesday that he and Chinese\nPresident Xi Jinping will sign the so-called first-stage agreement agreed\nearlier this month to end their trade dispute. The 17-month trade war has hit\nglobal economic growth and levels of demand for oil in the world, and reduced\ndemand has reduced supplies by the Organization of Petroleum Exporting\nCountries (OPEC) and its allies, including Russia, which have contributed less\neffectively to support the market.<\/p>\n\n\n\n
The newly formed group, called OPEC+, agreed last November\nto expand and deepen production cuts that would take up to 2,100,000 bpd from\nsupply to the market or about 2 percent of global demand.<\/p>\n\n\n\n
US producers, not a party to the OPEC+ agreement, have\npumped record quantities of oil, especially shale crude. Still, many expect\ngrowth in production from the United States to slow down.<\/p>\n\n\n\n
However, more supplies will emerge from Saudi Arabia and\nKuwait who agreed earlier this week to end their dispute over their neutral\nregion, which could provide up to 500,000 barrels per day of oil, or about 0.5\npercent of global demand.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Thursday thanks to a possible boom in the Sino-American trade war and OPEC-led efforts to limit oil production in the market, although trading was calm as many markets were closed due […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1541,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,4],"tags":[93,71,74,66,79,42,36,34,145,114,48,24,78,131,41,44,72,23,45,109,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1540"}],"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=1540"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1540\/revisions"}],"predecessor-version":[{"id":1542,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1540\/revisions\/1542"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1541"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}