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Oil prices climbed on Thursday, buoyed up by the long-awaited signing of Phase 1 of the proposed trade deal between Washington and Beijing. Brent crude LCOc1 was priced 0.5% higher, at $64.33 a barrel. US WTI crude futures CLc1 were traded 0.5% higher, at $58.09 a barrel. China is aiming to buy over $50 billion more of U.S. oil, liquefied natural gas and other energy products over two years.
Oil prices fell on Wednesday, stressed by the possibilities of the US-China trade deal not inducing demand as Washington is looking to keep tariffs on Chinese goods until a second phase. Brent crude LCOc1 fell 0.3%, at $64.30 per barrel. US WTI crude futures CLc1 were priced 0.3% lower, at $58.04 a barrel. The Phase 1 agreement between the US and China will be signed at the White House today.
Oil prices slipped in the international market on Tuesday, as the tensions between the US and Iran deescalated after this month’s clash. Brent crude LCOc1 dipped down 0.1%, to $64.12 per barrel. U.S. West Texas Intermediate crude futures CLc1 were traded 0.1% lower, at $58.04 a barrel. However, the losses were capped by the expectations of a drawdown in U.S. crude stockpiles and, optimism about the potential US-China trade deal.
Oil prices fell in the international market on Friday, amidst the receding threat of war in the Middle East and slower economic growth gained attention. Brent crude LCOc1 slipped 0.3%, to $65.17 a barrel. US WTI were priced 0.3% lower, at $59.36 a barrel. Oil prices have reached as down as it was before the death of top Iranian general, Qasem Soleimani last week.
Oil prices ramped up in the international market on Wednesday, buoyed up by Iranian attacks on American forces in Iraq. Brent crude futures LCOc1 rose 2.3%, to $69.83 a barrel. US WTI CLc1 crude was priced 2% higher, at $63.95 a barrel. Iran let loose a dozen missiles on U.S.-led forces stationed in Iraq early on Wednesday.
Oil prices ramped up in the international market on Monday, climbing on the back of escalating tensions in the Middle East and as US threats to impose sanctions on Iraq. Brent crude futures LCOc1 soared 2.4%, to a high of $70.27 a barrel. US WTI CLc1 crude rose 2.1%, to $64.39 a barrel. President Trump yesterday threatened to enforce sanctions on Iraq if the country forced U.S. troops to withdraw.
While the global stock market had a mixed situation, oil prices rose more than 3% yesterday, after the US killed Iranian general, Qasem Soleimani. The death of Soleimani has caused an increase in the geopolitical rise. This can eventually lead the US and Iran to lock horns. Sources predict Iran launching a targeted attack on US ships which could disrupt seaborne crude oil flows and thereby increase the oil prices.
Oil prices rise higher in the International market on Friday, amidst Middle East tensions. Brent crude futures LCOc1 has jumped nearly $3 to hit a high of $69.16 a barrel which is the highest since Sept. 17. West Texas Intermediate (WTI) crude futures CLc1 climbed 2.9%, to $62.94 a barrel. China’s announcement to keep around $115 billion in funds to support the country's ailing economy also boosted oil prices.
US-China bond supported an increase in oil prices on Thursday, despite increased Middle East tensions. Brent Crude rose to $66.25 a barrel, while WTI climbed to $61.19 per barrel. Oil cartel, OPEC's prediction of crude benchmarks average out a greater value in 2020. The decrease in US crude inventories last week has also boosted price rise. OPEC and allies' decision of 500 million bpd in production cuts came into effect from Jan 1.
Oil prices remained high in the international market on Monday, even though the traders expected lower fuel prices. The price of WTI increased by 1% to $61.73. Brent Crude rose 27% in 2019. Tensions in the Middle East escalated on Sunday, as the United States carried out airstrikes in Iraq and Syria. U.S. officials have also warned of “additional actions”.
On Friday, oil prices climbed on the back of record online spending by U.S. consumers. Brent rose by 0.2% and was traded at $68.05 a barrel. WTI went up by 0.2%, to $61.81 a barrel. Online holiday purchases of US consumers have reached a record high and “showing few signs of tightening their purse strings, which is positive for oil also”, says Chief Asia market strategist at AxiTrader.
Oil prices rose on Thursday, climbing on the back of OPEC-led supply cut and US-China trade deal. Brent crude LCOc1 jumped 0.2%, to $67.36 a barrel. U.S. WTI CLc1 was traded 0.3% higher at $61.31 a barrel. President Trump on Tuesday said that the US and China will sign the Phase 1 agreement to end the ongoing trade dispute between the two biggest economies of the world.
Oil prices rose in the international market on Tuesday, pushed up by comments from Russian energy minister towards OPEC-led supply cut. Brent crude LCOc1 climbed to $66.44 a barrel. U.S. WTI CLc1 was traded higher at $60.53 a barrel. Russian energy minister, in an interview on Monday, said that cooperation with the Organization of the Petroleum Exporting Countries (OPEC) would continue “until the market requires it”.
Oil prices fell in the international market on Monday, however losses were capped amidst high optimism around US-China trade deal. Brent crude LCOc1 dropped 0.2%, to $65.99 a barrel. West Texas Intermediate CLc1 were priced at $60.29 a barrel. President Trump on Saturday said at an event in Florida, “We just achieved a breakthrough on the trade deal and we will be signing it very shortly,”.
Oil prices held ground in the international market on Friday, amidst easing US-China trade tensions. Brent crude futures LCOc1 climbed 0.03%, to 66.56 a barrel. WTI crude futures CLc1 were priced 0.15% higher, at $61.09 per barrel. China, yesterday, announced tariff exemptions for six oil and chemical products imported from the United States, just days after the US and China announced an interim trade deal.
Oil prices jumped in the international market on Thursday, buoyed up by the EIA data indicating a drop in the US crude inventories. Brent crude futures LCOc1 was priced at $66.16 a barrel. WTI crude futures CLc1 were priced $60.90 per barrel. EIA data released on Wednesday indicated a drop of 1.1 million barrels in the U.S. crude inventories.
Oil prices fell in the international market on Wednesday, stressed by the surprise jump in the US crude stockpiles. Brent crude futures LCOc1 fell 0.5%, to $65.77 a barrel. WTI crude futures CLc1 were priced 0.71% lower, at $60.51 per barrel. API data released on Tuesday showed a rise of 4.7 million barrels in the US crude stocks to 452 million, beating analysts’ expectations of a 1.3-million-barrel decline.
On Tuesday, oil prices inched lower but remained near a three-month high. Investors are hoping that the demand for the crude will increase significantly after the new US-China deal. Brent went down and was traded at $65.31 a barrel. WTI slipped and was traded at $60.17 a barrel. Oil output of the US is expected to rise to about 29,000 barrels per day (bpd) in January, predicts EIA.