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Oil prices in the international market remained firm over continued progress in Sino-US talks and reduced global crude supply. International Brent crude oil futures moved up by 0.2%, to $67.26 a barrel. US West Texas Intermediate (WTI) crude futures also climbed 0.2%, to $57.38 per barrel. A statement from President Trump about sealing a deal with China amidst the trade talks kept the market hopeful.
Energy giant Saudi Aramco and Chinese conglomerate Norinco have signed an agreement to form a joint venture. The intent of this JV is to develop a refining and petrochemical complex in Panjin city. The project is expected to be of more than $10 billion. A new company will be formed by Aramco, Norinco and Panjin Sincen named Huajin Aramco Petrochemical Co as a part of this project.
Oil prices in the international market edged down on Tuesday due to economic slowdown but remained tight owing to supply cuts. Benchmark Brent crude oil futures dropped 0.6%, to $66.08 per barrel. US WTI crude futures were priced at $55.71 per barrel. Numerous rounds of trade talks have been in motion between the Chinese Vice Premier and Chief Trade Negotiator and US Trade Representative in Washington.
After China reported a significant drop in its automobile sales in January, the concerns of fuel demand enveloped the world’s second-largest oil user. This affected the oil prices and led to its decline on Monday. Brent dropped and was traded at $66.20 per barrel. It was majorly hit by the weak Chinese car sales data. WTI, on the other hand, increased a little and was at $55.82 per barrel.
Oil prices hiked on Thursday, buoyed by the hopes of improvement in the global economic outlook. The market awaits positive outcomes from the ongoing Sino-US tariff talks. WTI went up by 0.5%, to $54.15 per barrel. Brent increased by 0.5%, to $63.90 a barrel. According to a report by IEA, the crude market will struggle this year due to surplus supply despite OPEC supply cuts and sanctions by the US.
Oil prices recovered from last session losses and gained grounds on Wednesday. Benchmark Brent crude oil futures edged to $62.05 per barrel. US WTI crude futures rose to $53.74 per barrel. Traders are now waiting for President Trump to address the US State of the Union today, expecting a showdown on US-China deal.
On Monday, oil prices dropped due to sharp gains in the previous session. However, the market was held stable by the signs of ease in US-China trade dispute and supply shrinkage. Brent was reduced by 0.32% and was traded at $62.54 a barrel. WTI slipped by 0.24% and was traded at $55.13 per barrel.
On Friday, the crude market was caught between optimism for US-China trade talks and slumping Chinese economy. WTI went down by 0.2% and was traded at $53.70 per barrel while Brent increased a little, at $60.87 per barrel. Trump has announced a meeting with the Chinese President soon for a potential trade deal. Despite this, oil prices were weighed down on Friday due to the shrinkage in China's factory activities.
China’s Clean Energy has inked an LNG supply deal with Japanese city gas supplier, Shizuoka Gas. Under the supply deal, Shizuoka Gas will transport 1600 metric tonnes of LNG annually for the next three years to Clean Energy. LNG transportation will be carried out from Shizuoka’s Shimizu terminal through ISO tank containers. Currently, Shizuoka Gas is the only firm capable of re-exporting fuel by re-loading LNG onto ships.
Oil prices dropped in the international market on Monday after reports of a rising count of drilling rigs in the US amidst the economic slowdown in China. Benchmark Brent crude oil futures traded down 0.2%, at $61.50 a barrel. US WTI crude oil futures dropped 0.5%, to $53.43 per barrel. Baker Hughes report on Friday showed rig count rising to 862, indicating that US crude production may rise further.
Oil prices stabilized on Wednesday on the hopes of increased Chinese spending. This improvement in China’s spending is expected to get the steadiness in the slumping global economy which is affecting the financial market. Brent went up by 0.6%, to $61.85 per barrel. WTI increased by 0.5%, to $53.26 per barrel. The market is worried about the economic slowdown after the reports of GDP growth by Japan and China.
Concerns of a global economic slowdown weighed heavy in the international market as oil prices dropped on Tuesday. Benchmark Brent crude oil futures were traded 0.8% lower, at $62.26 per barrel. U.S. West Texas Intermediate (WTI) crude futures were dropped by 0.7%, priced at $53.44 per barrel. While China’s GDP rose by only 6.6%, South Korean economy growth rate lowered to 2.7% in 2018.
Oil prices took a huge leap on Monday after the data of refinery processing in China went to a record high in 2018. China is world's second-largest oil consumer and thus, its numbers have lend enormous support to the crude market despite the weak economy last year. Brent was at $62.94 per barrel, up by 0.4%. WTI went up by 0.5%, to $54.05 a barrel.
In a major accident in the South China Sea, an offshore tanker rammed into the pipelay vessel, Star Centurion, and sank the £77 million ship. The collision punctured a hole in Star Centurion, making it tip onto its side. Tanker owner, Bernhard Schulte Ship Management stated that all crew members on the vessel were accounted for. The course of pipelay vessel is thought to have been charted out for Indonesia.
China’s trade fell flat on the weakening imports and exports, revealed Chinese data. This led to a steep decline in the crude market weighing down oil prices on Monday. China is the world’s biggest trading nation and second-largest crude oil consumer and thus, its weak market position has affected the global market. Brent slipped by 0.9%, to $59.91 per barrel. WTI went down by 0.9%, to $51.12 a barrel.
Oil prices dropped down on Thursday amidst the hopes that US and China trade dispute might end soon. The US supply increased which led the market to stumble. WTI futures slipped by 1.2%, at $51.75 per barrel. Brent crude went down by 1% and was traded at $60.81 per barrel. The US Bank, Morgan Stanley has commented that “Balancing the market would require OPEC discipline to continue well into 2020,”
Signs of improvements in US-China relations sent oil prices uphill today. Benchmark Brent crude futures leaped 1.3%, to $59.47/barrel. US WTI crude futures jumped 1.5%, to $50.53/barrel. WTI has crossed the $50 a barrel-mark for the first time this year. Talks between Beijing and Washington continued for a third day on Wednesday. According to China Daily, Beijing is keen on to put an end to the trade war.
Crude market started the week with optimism as oil prices increased substantially on Monday. US- China trade talks which were scheduled to start from Monday are expected to resolve the prolonging dispute between the two nations. The supply cuts from major producers has also supported the prices. Brent went up by 1.2% and was traded at $57.75 per barrel. WTI was up by 1.3%, at $48.60 per barrel.