- December 27, 2019
- Posted in LOCAL
Oil prices rose yesterday, buoyed by a potential breakthrough in the Sino – US trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode.
Brent crude was up 16 cents, or 0,2 percent, at $67,36 a barrel by 0155 GMT.
West Texas Intermediate was up 20 cents, or 0,3 percent, at $61,31 a barrel.
“Oil prices continue to show year-end strength supported by a combination of definitive progress on the US – China trade deal, the December OPEC/OPEC+ agreement, and slowing shale activity,” said Stephen Innes, chief Asia market strategist at AxiTrader. All of which is pointing to a stronger performance for oil prices in Q1 than anyone had thought only two months ago.”
US President Donald Trump said on Tuesday he and Chinese President Xi Jinping will have a signing ceremony for the so-called Phase 1 agreement to end their trade dispute that was put together earlier this month. — Reuters.