View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
November 4, 2019

Oil prices increase slightly over US-China trade deal expectations

Oil prices have increased slightly over the US-China trade deal expectations.

Oil prices have increased slightly over the US-China trade deal expectations.

Brent crude futures for January fell 15 cents to $61.84 a barrel and December US crude futures were at $56.31 a barrel, up 11 cents, reported Reuters.

Reuters also noted that a trade deal could be reached between the two nations later in November 2019.

PVM analysts were quoted by Reuters as saying: “For all of Friday’s feel-good factor, there is no guarantee that they will put pen to paper before the end of the year. This could be problematic given that US tariffs planned for 15 December remain on the table.”

Swiss bank Julius Baer Economics Head Norbert Rücker said: “The oil market faces ample supplies with global demand almost stagnant and supplies rising from the US, Canada, Brazil and even the North Sea.

“We (…) see oil prices trading around $60 per barrel in the near term and lower longer term.”

Oil output has reduced by 1.2 million barrels per day since January 2019 due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers.

According to energy ministry data, Russia again missed its output cut target in October 2019.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy


Thank you for subscribing to Offshore Technology