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Oil prices ramp up as US-China trade deal takes form
today
Source: Reuters

Oil prices ramp up as US-China trade deal takes form

Oil prices peaked to its three-month highest mark today, buoyed up by the news of a potential resolution to the US-China trade war. Brent crude futures were priced 0.7% higher, at $64.63/barrel. WTI crude futures were up 0.5%, to $59.49/barrel. Sources privy to the matter said that the US administration has settled on suspending some tariffs and reducing others, while Beijing will hike purchases of U.S. farm products in 2020.

Oil prices hold fast on Thursday
yesterday
Source: Reuters

Oil prices hold fast on Thursday

Oil prices held ground in the international market on Thursday, as the market found relief in a supply-deficit forecast made by OPEC. Brent crude futures LCOc1 were 0.3% higher, at $63.61 a barrel. US WTI crude futures CLc1 fell at $58.85 a barrel. The cartel yesterday said that it now anticipates a small deficit in the oil market in the next year, indicating towards a tighter market than previously thought.

Surprise build in US stockpiles push oil prices down
Dec. 11, 2019
Source: Reuters

Surprise build in US stockpiles push oil prices down

Oil prices dipped in the international market on Wednesday, stressed by a surprise jump in the US stockpiles, while investors keep a close look at a new round of U.S. tariffs on Chinese goods. Brent crude futures LCOc1 slipped 0.7%, to $63.90 per barrel. US WTI crude futures CLc1 fell 0.6%, to $58.91 a barrel. An unexpected build of 1.4 million barrels pushed US crude stockpiles to 447 million barrels.

Oil prices dip over slowing global demand outlook
Dec. 10, 2019
Source: Reuters

Oil prices dip over slowing global demand outlook

Oil prices fell on Tuesday, as concerns of slowing global demand outlook offset the OPEC-led supply cut decision. Brent futures LCOc1 were priced 0.2% lower, at $64.14 per barrel. US WTI crude futures CLc1 were down by 0.1% at $58.95 a barrel. ANZ Bank, yesterday, said, “The euphoria (on output cuts) was short lived, with an unexpected fall in exports from China highlighting the impact of the trade conflict,”.

Oil prices dip over weak Chinese export data
Dec. 9, 2019
Source: Reuters

Oil prices dip over weak Chinese export data

Oil prices dropped on Monday, stressed by weak Chinese export data highlighting the impact of the trade war on one of the biggest economies in the world. Brent futures LCOc1 were priced 0.3% lower, at $64.18 per barrel. US WTI crude futures CLc1 fell 0.47% to $58.92 a barrel. A sudden downturn in trade on Monday came after customs data released yesterday showed a 1.1% fall in the Chinese exports.

Oil prices rise as OPEC approves more production cuts
Dec. 6, 2019
Source: Reuters

Oil prices rise as OPEC approves more production cuts

Oil prices jumped in the international market on Friday, after OPEC approved the 50% increase in production cuts in early 2020. Brent futures LCOc1 jumped to $63.40 per barrel. US WTI futures CLc1 were priced at $58.45 a barrel. OPEC and allies have come to an agreement over more output cuts to prevent the oversupply early next year. The agreement will decrease 500,000 bpd of production.

International market awaits OPEC's decision
Dec. 5, 2019
Source: Reuters

International market awaits OPEC's decision

The international market was a bit quiet on Thursday ahead of the start of OPEC meetings later in the day. The oil prices went steady as the day progressed because of the substantial drop in the U.S. crude inventories. Brent decreased by 0.2% and was traded at $62.90 a barrel. WTI fell by 0.4% and was traded at $58.21 a barrel.

Oil prices rise before OPEC+ meeting
Dec. 4, 2019
Source: Reuters

Oil prices rise before OPEC+ meeting

On Wednesday, oil prices buoyed ahead of the OPEC meeting. Larger than expected decline in US stockpiles also helped the market revive its growth. Brent went up by 0.6% and was traded at $61.17 a barrel. WTI increased by 0.6% and was traded at $56.41 a barrel. Amidst all the scepticism, the industry believes that OPEC with its allies might agree on deeper output cuts during the next meeting.

Crude oil buoys up as Saudi persists OPEC to deepen cuts
Dec. 3, 2019
Source: Reuters

Crude oil buoys up as Saudi persists OPEC to deepen cuts

Oil prices jumped on Tuesday, as OPEC de facto leader, Saudi Arabia pushed the cartel to deepen a supply cut agreement. Brent crude futures rose 0.3%, to $61.11 per barrel. U.S. WTI crude was priced 0.4% higher, at $56.17 a barrel. Sources familiar with the discussions said that the cartel is aiming to increase its existing supply cut by 400,000 bpd and prolong the pact until June.

Oil prices jump by more than 1%
Dec. 2, 2019
Source: Reuters

Oil prices jump by more than 1%

With the growth in the manufacturing activity of China, the market hopes that the fuel demand will see a significant increase in the immediate future. Owing to optimism, oil prices edged up on Monday. Brent went up by 1.2% and was traded at $61.23 a barrel. WTI increased by 1.6% and was traded at $56.03 a barrel.

Thanksgiving trade keeps oil prices steady
Nov. 29, 2019
Source: Reuters

Thanksgiving trade keeps oil prices steady

Oil prices held ground in the international market on Friday, amidst quiet trade during Thanksgiving holiday in the US. Benchmark Brent crude was priced at $63.82 a barrel. WTI crude futures CLc1 rose to $58.12 a barrel. Investors are keeping a close look on the OPEC+ meeting scheduled for the next week. The cartel has until now withheld output to boost the prices.

Oil prices stumble over strong US stockpiles
Nov. 28, 2019
Source: Reuters

Oil prices stumble over strong US stockpiles

After US crude and gasoline stocks rose against expectations, oil prices declined on Thursday. Brent fell down by 0.3% and was traded at $63.88 a barrel. WTI decreased by 0.4% and was traded at $57.87 a barrel. According to the EIA, US stockpiles touched 1.6 million barrels last week as the production touched record heights.

Oil prices slip over unexpected rise in US stockpiles
Nov. 27, 2019
Source: Reuters

Oil prices slip over unexpected rise in US stockpiles

Oil prices fell in the international market on Wednesday, stressed by an unexpected rise in U.S. crude inventories. Benchmark Brent crude futures LCOc1 declined 0.3%, to $64.08 a barrel. WTI crude futures CLc1 slipped 0.29%, to $58.24 per barrel. API data released on Tuesday showed a rise of 3.6 million barrels in the week to Nov. 22 to 449.6 million.

Early gains lead to increase in oil prices
Nov. 25, 2019
Source: Reuters

Early gains lead to increase in oil prices

The news of reducing bitterness between US and China brought the air of optimism in the market. On Monday, oil increased with the early gains in the market. WTI went up by 0.17%, at $57.87 a barrel. Brent went up by 0.11%, at $63.46 a barrel. “This is a big step forward for potential trade negotiation if they are adopted as official policy,” said strategist McCarthy at CMC Markets.

Oil prices slip over US-China trade deal concerns
Nov. 21, 2019
Source: Reuters

Oil prices slip over US-China trade deal concerns

Oil prices slipped in the international market on Thursday, stressed by a looming delay in the trade deal between the world’s two biggest economies. Brent crude futures dipped 0.4%, to $62.15 a barrel. US WTI crude futures were priced 0.4% lower, at $56.81 per barrel. China’s criticism of a U.S. Senate bill intended at defending human rights in Hong Kong has served as a new hurdle to the trade deal.

Oil prices hold fast as growth concerns weigh heavy
Nov. 20, 2019
Source: Reuters

Oil prices hold fast as growth concerns weigh heavy

Oil prices held ground on Wednesday, as the hike in the US stockpiles strengthened concerns about dull economic growth globally. Benchmark Brent crude futures rose 0.03%, to $60.93 a barrel. US WTI crude futures climbed 0.2%, at $55.32 a barrel. API data released on Tuesday showed a surge of 6 million barrels in the US stockpiles for the week to Nov. 15, putting the value to 445.9 million barrels.

Investors waiting for fresh updates on US-China deal, prices unchanged
Nov. 18, 2019
Source: Reuters

Investors waiting for fresh updates on US-China deal, prices unchanged

The market is waiting for a fresh perspective on the US-China trade deal. Thus, keeping aside surplus supplies' worries, oil prices changed a little on Monday. Brent decreased by 0.1% and was traded at $63.25 a barrel. WTI was unchanged, at $57.72 a barrel. IEA has predicted that non-OPEC supply growth would be on a rise up to 2.3 million bpd next year. This will create a downward pressure on the prices.

Oil gains over optimism towards next OPEC meeting
Nov. 15, 2019
Source: Reuters

Oil gains over optimism towards next OPEC meeting

Oil prices climbed up on the back of hopes from next OPEC meeting to curb the supply. A statement from White House mentioning that they are 'getting close' to the deal with Beijing also supported the market. WTI increased by 0.5% and was traded at $57.05 a barrel. Brent went up by 0.5% and was traded at $62.56 a barrel.

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