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| Commodity News |
| HeadLine : |
Oil Prices Rise Ahead of Key OPEC Meeting |
| Date : |
Jun 22 2018 |
Ahead of the meeting, Saudi Arabian Energy Minister Khalid al-Falih said on Friday that OPEC and non-OPEC members were close to agreeing on a deal to raise oil production.
"The actual decision by OPEC and its partners – which may not actually become apparent until Saturday – is the big one traders are watching," said Greg McKenna,?chief?market strategist at futures brokerage AxiTrader.
Oil?prices were under pressure?earlier?this week?after?U.S. President Donald?Trump said?on Monday that?he has?ordered?the U.S. Trade Representative to identify $200 billion worth of China goods for additional tariffs, escalating a trade dispute between the world’s two largest economies.
It was reported earlier this week that China is considering to impose tariffs on U.S. crude imports. The 25% duty on U.S. crude imports, should it be implemented, could potentially make American oil uncompetitive in China.
Source Investing
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