Commodity News
HeadLine : Oil prices hit highest in three months as U.S.-China trade deal takes shape
Date : Dec 13 2019
Oil prices extended gains on Friday, scaling three-month highs as the United States and China moved closer to a resolution to the 18-month trade war between the world's two biggest economies that has raised big questions about global demand for crude. Brent futures (LCOc1) climbed 48 cents, or 0.8%, to $64.68 a barrel, its highest since Sept. 23. West Texas Intermediate (WTI) crude (CLc1) was up 36 cents, or 0.6%, to $59.54 a barrel, the highest since Sept. 16. While a trade deal that would end uncertainty could provide a shot in the arm for oil demand in the near term, concerns continue to hover about the demand profile amid ample supplies going forward. In the meantime the White House has agreed to suspend some tariffs on Chinese goods and reduce others in return for Beijing's pledge to hike purchases of U.S. farm products in 2020, sources said on Thursday.An International Energy Agency report on Thursday pointed to future pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to deepen output cuts.

Source : Reuters
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