Oil prices fall as U.S. rig count rise, trade concerns

Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns. International Brent crude oil futures were down 49 cents, or 0.8 percent, at $61.61 a barrel. Analysts said economic concerns were also weighing on crude oil futures. The United States has threatened to increase tariffs already imposed on goods from China on March 1 if the trade talks do not produce an agree


Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns. International Brent crude oil futures were down 49 cents, or 0.8 percent, at $61.61 a barrel. Analysts said economic concerns were also weighing on crude oil futures. The United States has threatened to increase tariffs already imposed on goods from China on March 1 if the trade talks do not produce an agree
Oil prices fall as U.S. rig count rise, trade concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, trade, concerns, deal, crude, prices, rise, states, count, fall, markets, oil, united, rig, week, china


Oil prices fall as U.S. rig count rise, trade concerns

Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns.

A refinery fire in the U.S. state of Illinois, which resulted in the shutdown of a large crude distillation unit, that could cause crude demand to fall also weighed on prices, traders said.

U.S. West Texas Intermediate (WTI) crude futures were at $52.09 per barrel at 0347 GMT, down 63 cents, or 1.2 percent, from their last settlement.

International Brent crude oil futures were down 49 cents, or 0.8 percent, at $61.61 a barrel.

In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday.

Companies added seven oil rigs in the week to Feb. 8, bringing the total count to 854, pointing to a further rise in U.S. crude production, which already stands at a record 11.9 million bpd.

WTI prices were also weighed down by the closure of a 120,000-barrels-per-day (bpd) crude distillation unit (CDU) at Phillips 66’s Wood River, Illinois, refinery following a fire on Sunday.

Elsewhere, the head of Russian oil giant Rosneft, Igor Sechin, has written to the Russian President Vladimir Putin saying Moscow’s deal with the Organization of the Petroleum Exporting Countries (OPEC) to withhold output is a strategic threat and plays into the hands of the United States.

The so-called OPEC+ deal has been in place since 2017, aimed at reining in a global supply overhang. It has been extended several times and, under the latest deal, participants are cutting output by 1.2 million bpd until the end of June.

OPEC and its allies will meet on April 17 and 18 in Vienna to review the pact.

Analysts said economic concerns were also weighing on crude oil futures.

Vandana Hari of Vanda Insights said in a note that crude prices were dragged down “as China returned from a week-long Lunar New Year holiday and regional stock markets plunged into the red amid resurgent concerns over the U.S.-China trade dispute.”

Trade talks between the Washington and Beijing resume this week with a delegation of U.S. officials travelling to China for the next round of negotiations. The United States has threatened to increase tariffs already imposed on goods from China on March 1 if the trade talks do not produce an agreement.

Preventing crude prices from falling further have been U.S. sanctions on Venezuela, targeting its state-owned oil firm Petroleos de Venezeula SA (PDVSA).

“The issues in Venezuela continue to support prices. Reports are emerging that PDVSA is scrambling to secure new markets for its crude, after the U.S. placed additional sanctions on the country,” ANZ bank said on Monday.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, trade, concerns, deal, crude, prices, rise, states, count, fall, markets, oil, united, rig, week, china


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Oil caught between trade talk hopes, weak China data

Oil prices held steady on Friday, torn between hopes the United States and China could soon settle their trade disputes and new data raising fresh concerns over China’s economic slowdown. International Brent crude oil futures were at $60.87 per barrel at 244, 3 cents above their last close. Oil futures received support from a broader financial market rally, which saw Asian shares hit four-month highs on Friday on hopes the United States and China could strike a trade deal. Much Venezuelan crude


Oil prices held steady on Friday, torn between hopes the United States and China could soon settle their trade disputes and new data raising fresh concerns over China’s economic slowdown. International Brent crude oil futures were at $60.87 per barrel at 244, 3 cents above their last close. Oil futures received support from a broader financial market rally, which saw Asian shares hit four-month highs on Friday on hopes the United States and China could strike a trade deal. Much Venezuelan crude
Oil caught between trade talk hopes, weak China data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-01  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, soon, oil, bpd, trade, venezuelan, united, hopes, data, states, futures, talk, china, caught, trump, weak, supply


Oil caught between trade talk hopes, weak China data

Oil prices held steady on Friday, torn between hopes the United States and China could soon settle their trade disputes and new data raising fresh concerns over China’s economic slowdown.

International Brent crude oil futures were at $60.87 per barrel at 244, 3 cents above their last close.

U.S. West Texas Intermediate (WTI) futures were at $53.70 per barrel, down 9 cents, or 0.2 percent their last settlement.

Oil futures received support from a broader financial market rally, which saw Asian shares hit four-month highs on Friday on hopes the United States and China could strike a trade deal.

U.S. President Donald Trump said on Thursday he will meet with Chinese President Xi Jinping soon to try to seal a comprehensive trade deal as Trump and his top trade negotiator both cited substantial progress in two days of high-level talks.

Yet prices were weighed down by a survey on Friday that showed China’s factory activity shrank by the most in almost three years in January amid slumping orders, reinforcing fears a slowdown in the world’s second-largest economy is deepening.

Despite these concerns, traders said oil markets overall are being supported by supply cuts from the Organization of the Petroleum Exporting Countries (OPEC), which according to a Reuters poll pumped 30.98 million barrels per day (bpd) in January, down 890,000 bpd from December.

In Venezuela, meanwhile, U.S. sanctions imposed on state oil firm PDVSA this week are keeping tankers stuck at ports and are expected to accelerate the supply drop in February.

“The latest U.S. sanctions could directly halt around 500,000 barrels per day (bpd) of Venezuelan exports to the U.S.,” Citi bank said.

Much Venezuelan crude oil is rated as heavy and requires the light petroleum naphtha, much of it supplied from the United States, for dilution before export to refineries.

“An additional 350,000 bpd of Venezuelan oil output is at risk due to the lack of U.S. dilutents, a result of the U.S. product exports ban with immediate effect,” Citi said.


Company: cnbc, Activity: cnbc, Date: 2019-02-01  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, soon, oil, bpd, trade, venezuelan, united, hopes, data, states, futures, talk, china, caught, trump, weak, supply


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Oil prices fall on worries fuel demand to stall amid slowing global growth

Oil prices declined on Thursday amid lingering concerns over slowing global economic growth that may limit fuel demand and after a surprise build in U.S. crude inventories. U.S. West Texas Intermediate (WTI) crude futures were at $52.40 per barrel, 22 cents lower from their last settlement. “Crude oil came under further pressure as concerns of faltering global growth remained at the forefront in investor’s minds,” ANZ Bank said. The prospects of future oil demand are getting clouded by the globa


Oil prices declined on Thursday amid lingering concerns over slowing global economic growth that may limit fuel demand and after a surprise build in U.S. crude inventories. U.S. West Texas Intermediate (WTI) crude futures were at $52.40 per barrel, 22 cents lower from their last settlement. “Crude oil came under further pressure as concerns of faltering global growth remained at the forefront in investor’s minds,” ANZ Bank said. The prospects of future oil demand are getting clouded by the globa
Oil prices fall on worries fuel demand to stall amid slowing global growth Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, week, economic, global, prices, fuel, stall, futures, world, barrels, oil, worries, growth, slowing, crude, fall, demand


Oil prices fall on worries fuel demand to stall amid slowing global growth

Oil prices declined on Thursday amid lingering concerns over slowing global economic growth that may limit fuel demand and after a surprise build in U.S. crude inventories.

International Brent crude oil futures were at $60.89 a barrel at 0352 GMT, down 25 cents, or 0.4 percent, from their last settlement, having closed down 0.6 percent in the previous session.

U.S. West Texas Intermediate (WTI) crude futures were at $52.40 per barrel, 22 cents lower from their last settlement.

“Crude oil came under further pressure as concerns of faltering global growth remained at the forefront in investor’s minds,” ANZ Bank said.

The prospects of future oil demand are getting clouded by the global growth worries, analysts said.

“With the IMF downgrading 2019/20 and the continued rhetoric from Davos reiterating that they expect global growth to slow down over the next two years, is providing selling pressure in oil,” said Hue Frame, portfolio manager at Frame Funds in Sydney.

Earlier this week, the International Monetary Fund (IMF) cut its world economic growth forecasts for 2019 and 2020, due to weakness in Europe and some emerging markets.

Meanwhile, world leaders and top executives are meeting in Davos, Switzerland, this week to discuss how to steer policy amid worries of slowing economic growth, damaging trade wars and Brexit.

Oil market sentiment was also weakened by an increase in U.S. crude inventories after refineries cut output, data from industry group the American Petroleum Institute showed on Wednesday.

Crude inventories rose by 6.6 million barrels in the week ended Jan. 18 to 443.6 million, compared with analysts’ expectations for a decrease of 42,000 barrels, the API said. Refinery runs fell by 152,000 barrels per day.

“Sharp production cuts by OPEC+ have kept crude oil futures supported however as market reports indicate for a marked output reduction in Dec 2018,” said Benjamin Lu, analyst at Phillip Futures.

“Though oil prices have demonstrated for higher upside potential in the first quarter of 2019, mounting economic challenges will continue to impede exponential gains in the longer term,” Lu added.


Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, week, economic, global, prices, fuel, stall, futures, world, barrels, oil, worries, growth, slowing, crude, fall, demand


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Oil firms as China’s economic slowdown was not as big as some expected

Oil prices firmed on Monday after data showed China’s economic slowdown was not as big as some analysts had expected, with supply cuts led by the Organization of the Petroleum Exporting Countries also offering support. International Brent crude oil futures were at $62.83 per barrel at 0259, up 13 cents, or 0.2 percent, from their last close. Both oil price benchmarks had dipped into the red earlier in the session on fears that China’s 2018 economic growth figures would be weaker. China’s Septemb


Oil prices firmed on Monday after data showed China’s economic slowdown was not as big as some analysts had expected, with supply cuts led by the Organization of the Petroleum Exporting Countries also offering support. International Brent crude oil futures were at $62.83 per barrel at 0259, up 13 cents, or 0.2 percent, from their last close. Both oil price benchmarks had dipped into the red earlier in the session on fears that China’s 2018 economic growth figures would be weaker. China’s Septemb
Oil firms as China’s economic slowdown was not as big as some expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, chinas, firms, slowdown, economic, oil, expected, supply, analysts, big, 2018, growth, barrel, crude, opec, prices


Oil firms as China's economic slowdown was not as big as some expected

Oil prices firmed on Monday after data showed China’s economic slowdown was not as big as some analysts had expected, with supply cuts led by the Organization of the Petroleum Exporting Countries also offering support.

International Brent crude oil futures were at $62.83 per barrel at 0259, up 13 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $53.92 a barrel, up 12 cents, or 0.2 percent.

Both oil price benchmarks had dipped into the red earlier in the session on fears that China’s 2018 economic growth figures would be weaker.

In an expected cooling, China’s economy grew by 6.6 percent in 2018, its slowest expansion in 28 years and down from a revised 6.8 percent in 2017, official data showed on Monday. China’s September-December 2018 growth was at 6.4 percent, down from 6.5 percent in the previous quarter.

Although the slowdown was in line with expectations and not as sharp as some analysts had expected, the cooling of the world’s number two economy casts a shadow over global growth.

“The global outlook remains murky, despite emerging positives from a dovish Fed (now boosting U.S. mortgage applications), faster China easing (China credit growth stabilizing) and a more durable U.S.-China truce,” U.S. bank J.P. Morgan said in a note.

Despite this, analysts said supply cuts led by OPEC would likely support crude oil prices.

“Brent can remain above $60 per barrel on OPEC+ compliance, expiry of Iran waivers and slower U.S. output growth,” J.P. Morgan said.

It recommended investors should “stay long” crude oil.

Researchers at Bernstein Energy said the supply cuts led by OPEC “will move the market back into supply deficit” for most of 2019 and that “this should allow oil prices to rise to U.S. $70 per barrel before year-end from current levels of U.S.$60 per barrel.”

In the United States, energy firms cut 21 oil rigs in the week to Jan. 18, taking the total count down to 852, the lowest since May 2018, energy services firm Baker Hughes said in a weekly report on Friday.

It was biggest decline since February 2016, as drillers reacted to the 40 percent plunge in U.S. crude prices late last year.

However, U.S. crude oil production still rose by more than 2 million barrels per day (bpd) in 2018, to a record 11.9 million bpd.

With the rig count stalling, last year’s growth rate is unlikely to be repeated in 2019, although most analysts expect annual production to average well over 12 million bpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia.


Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, chinas, firms, slowdown, economic, oil, expected, supply, analysts, big, 2018, growth, barrel, crude, opec, prices


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Oil rises 2 percent on US-China trade talk optimism

Oil prices rose 2 percent on Wednesday as the extension of U.S.-China talks in Beijing raised hopes that the world’s two largest economies would resolve their trade standoff. U.S. West Texas Intermediate (WTI) crude oil futures were at $50.82 per barrel at 0945 GMT, up $1.04, or 2.09 percent, the first time this year that WTI has topped $50. International Brent crude futures were up $1.09, or 1.86 percent, at $59.81 per barrel. The trade talks in Beijing were carried over into an unscheduled thi


Oil prices rose 2 percent on Wednesday as the extension of U.S.-China talks in Beijing raised hopes that the world’s two largest economies would resolve their trade standoff. U.S. West Texas Intermediate (WTI) crude oil futures were at $50.82 per barrel at 0945 GMT, up $1.04, or 2.09 percent, the first time this year that WTI has topped $50. International Brent crude futures were up $1.09, or 1.86 percent, at $59.81 per barrel. The trade talks in Beijing were carried over into an unscheduled thi
Oil rises 2 percent on US-China trade talk optimism Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, trade, futures, wti, optimism, beijing, world, talks, 2018, talk, uschina, rises, supply, oil, crude


Oil rises 2 percent on US-China trade talk optimism

Oil prices rose 2 percent on Wednesday as the extension of U.S.-China talks in Beijing raised hopes that the world’s two largest economies would resolve their trade standoff.

U.S. West Texas Intermediate (WTI) crude oil futures were at $50.82 per barrel at 0945 GMT, up $1.04, or 2.09 percent, the first time this year that WTI has topped $50.

International Brent crude futures were up $1.09, or 1.86 percent, at $59.81 per barrel.

Both crude price benchmarks added to Tuesday’s 2 percent gains and have now been on the rise for eight straight days – their longest rally since June 2017.

“After a dreadful December for risk markets, crude oil continues to catch a positive vibe,” said Stephen Innes at futures brokerage Oanda in Singapore, citing tensions between the superpowers which have cast a pall over the world economy.

The trade talks in Beijing were carried over into an unscheduled third day on Wednesday, amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased U.S. access to China’s markets.

“Talks with China are going very well!” U.S. President Donald Trump tweeted, without elaborating. State newspaper China Daily said on Wednesday that Beijing was keen to put an end to its trade dispute with the United States, but that any agreement must involve compromise on both sides.

Citing the trade friction, the World Bank expects global economic growth to slow to 2.9 percent in 2019 from 3 percent in 2018.

“At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead,” World Bank Chief Executive Kristalina Georgieva said in a semi-annual report released late on Tuesday.

More fundamentally, oil prices have been receiving support from supply cuts started at the end of 2018 by the Organization of the Petroleum Exporting Countries and allies including Russia.

The OPEC-led cuts are aimed at reining in an emerging supply overhang, in part because U.S. crude output surged by around 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd.

Official U.S. fuel storage data from the Energy Information Administration is due at 1800 GMT on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, trade, futures, wti, optimism, beijing, world, talks, 2018, talk, uschina, rises, supply, oil, crude


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Oil rises on signs that low prices are restraining US output though economic worries weigh

Oil prices rose more than 1 percent on Monday on signs that the recent price plunge may start crimping supply from the U.S.,currently the world’s biggest oil producer, though concerns about global economy continues to weigh. International benchmark Brent crude futures rose 60 cents, or 1.1 percent, to $54.42 a barrel at 0408 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 37 cents, or 0.8 percent, to $45.96 a barrel after earlier climbing to as high as $46.24. The price plunge has


Oil prices rose more than 1 percent on Monday on signs that the recent price plunge may start crimping supply from the U.S.,currently the world’s biggest oil producer, though concerns about global economy continues to weigh. International benchmark Brent crude futures rose 60 cents, or 1.1 percent, to $54.42 a barrel at 0408 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 37 cents, or 0.8 percent, to $45.96 a barrel after earlier climbing to as high as $46.24. The price plunge has
Oil rises on signs that low prices are restraining US output though economic worries weigh Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, wti, supply, prices, low, weigh, futures, economic, worries, output, week, shale, price, rose, oil, signs, rises, restraining, opec


Oil rises on signs that low prices are restraining US output though economic worries weigh

Oil prices rose more than 1 percent on Monday on signs that the recent price plunge may start crimping supply from the U.S.,currently the world’s biggest oil producer, though concerns about global economy continues to weigh.

International benchmark Brent crude futures rose 60 cents, or 1.1 percent, to $54.42 a barrel at 0408 GMT. Prices climbed to as high as $54.66.

U.S. West Texas Intermediate (WTI) crude futures were up 37 cents, or 0.8 percent, to $45.96 a barrel after earlier climbing to as high as $46.24.

Crude prices rebounded from a sharp declines last week. Brent fell 11 percent for the week, dropping to its lowest since September 2017 on Friday, while WTI also dropped 11 percent last week, its worst weekly performance since January 2016.

Both benchmarks down more than 35 percent from their recent peaks in early October.

The price plunge has caused U.S. shale oil producers to curtail drilling plans for next year.

The boom in U.S. shale output has boosted the country into the top producer spot over traditional suppliers Saudi Arabia and Russia. The industry is at the center of U.S. President Donald Trump’s calls to boost the country’s energy independence.

“In the short term, it doesn’t seem oil prices would drop further because WTI has broken the $50 resistance level and U.S. President Trump would not want to see WTI falling further to support U.S. shale industry,” said Kim Kwang-rae, a commodity analyst at Samsung Futures in Seoul.

Still, the macroeconomic picture and its impact on oil demand continue to pressure prices. Global equity markets have plunged amid concerns of slowing trade flows, especially with the trade war between the U.S. and China, the world’s two biggest economies.

Equity markets in Asia were moderately higher on Monday, though trading was limited because of the Christmas holiday on Dec. 25.

Furthermore, even with the signs of slowing U.S. supply, global production remains in excess of demand.

The Organization of Petroleum Exporting Countries (OPEC) and Russia agreed earlier this month to cut oil production by 1.2 million barrels per day (bpd) starting in January to address the supply issues.

Should they not be enough to balance the market, OPEC and its allies will hold an extraordinary meeting, the United Arab Emirate’s energy minister Suhail al-Mazrouei said on Sunday.

“Oil ministers are already taking to the airwaves with a ‘price stability at all cost’ mantra,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Mazrouei said a joint OPEC and non-OPEC monitoring committee would meet in Baku in late February or early March.

Adding to concerns about oversupply, the number of active U.S. rigs for drilling oil rose by 10 in the week ended Dec. 21 to 883, according to a report by General Electric Co’s Baker Hughes energy services firm.


Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, wti, supply, prices, low, weigh, futures, economic, worries, output, week, shale, price, rose, oil, signs, rises, restraining, opec


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Oil prices slip on global growth concerns, swelling US supply

Oil prices fell on Wednesday, pulled down by swelling U.S. inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds. International Brent crude oil futures were at $60.87 per barrel at 0508 GMT, down $1.21, or 2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $52.33 per barrel, down 92 cents, or 1.7 percent. Key to the global economic outlook will be whether the United States and China can resolve their


Oil prices fell on Wednesday, pulled down by swelling U.S. inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds. International Brent crude oil futures were at $60.87 per barrel at 0508 GMT, down $1.21, or 2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $52.33 per barrel, down 92 cents, or 1.7 percent. Key to the global economic outlook will be whether the United States and China can resolve their
Oil prices slip on global growth concerns, swelling US supply Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, markets, swelling, barrel, concerns, wti, crude, brent, economic, global, slip, supply, prices, united, oil, growth


Oil prices slip on global growth concerns, swelling US supply

Oil prices fell on Wednesday, pulled down by swelling U.S. inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds.

International Brent crude oil futures were at $60.87 per barrel at 0508 GMT, down $1.21, or 2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $52.33 per barrel, down 92 cents, or 1.7 percent.

Reuters technical commodity analyst Wang Tao said WTI could soon test support at $51.75 per barrel, while Brent was threatening to drop below $60 per barrel again soon.

Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said U.S. crude inventories rose by 5.4 million barrels in the week to Nov. 30, to 448 million barrels, in a sign that U.S. oil markets are in a growing glut.

Official U.S. government oil production and inventory data is due later on Wednesday.

More broadly, the slide in U.S. oil followed a tumble in global stock markets on Tuesday, with investors worried about the threat of a widespread economic slowdown.

Key to the global economic outlook will be whether the United States and China can resolve their trade disputes. Washington and Beijing announced a 90-day truce last weekend, during which neither side will further increase punitive import tariffs.

In a sign of easing tensions between the two world’s biggest economies, Chinese oil trader Unipec plans to resume U.S. crude shipments to China by March after the Xi-Trump deal at the G-20 meeting reduced the risk of tariffs being imposed on these imports, people with knowledge of the matter said.

Yet the truce may not last. U.S. President Donald Trump threatened on Tuesday to place “major tariffs” on Chinese goods imported into the United States if his administration didn’t reach a desirable deal with Beijing.

China’s state council on Wednesday issued guidance to support employment as the economy slows, saying the country should pay “high attention” to the impact on employment from increasing economic headwinds.

Bank of America Merrill Lynch said in its 2019 economic outlook, published on Tuesday, that “most major economies are likely to see decelerating activity”, although it added that “a steady stream of monetary and fiscal stimulus measures” was expected to stem the slowdown.

The bank said it expected Brent and WTI prices to average $70 and $59 per barrel respectively in 2019.

Brent and WTI have averaged $72.80 and $66.10 per barrel so far this year.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, markets, swelling, barrel, concerns, wti, crude, brent, economic, global, slip, supply, prices, united, oil, growth


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