Thursday, 24 January, 2019

Oil Rises 3 percent; Lifted by OPEC Cuts

Oil Set for Longest Gain in 17 Months on U.S. Economy OPEC CutsMore Oil Set for Longest Gain in 17 Months on U.S. Economy OPEC CutsMore
Priscilla Morrison | 09 January, 2019, 08:40

These are the first face-to-face meetings between officials from the two countries since U.S. President Donald Trump and Chinese President Xi Jinping agreed in December to a 90-day truce in a trade war that has buffeted global financial markets.

Oil rallied for a seventh day as USA negotiators touted progress in trade talks with China and investors gained faith that OPEC will shrink output. More upbeat equity markets also offered support.

The first trading day of the week was also stimulated by declining USA crude inventories.

The market is closely watching US supplies, which analysts expect pulled back 3.3 million barrels in the latest week.

"The market is clearly rebounding from sharply oversold territory", said Michael Tran, commodities strategist at RBC Capital Markets LLC.

Oil hasn't had this long a run of daily increases since the summer of 2017. Futures for the US benchmark contract posted the lengthiest win streak since an eight-session period ended July 3, 2017.

More news: Callum Hudson-Odoi should stay at Chelsea, says Paul Merson

Crude prices so far in 2019 have been buoyed by supply cuts from the Organization of the Petroleum Exporting Countries including top exporter Saudi Arabia, as well as non-member Russian Federation.

The West Texas Intermediate for February delivery increased 0.56 USA dollar to settle at 48.52 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery rose 0.27 dollar to close at 57.33 dollars a barrel on the London ICE Futures Exchange.

Goldman downgraded its average Brent crude oil forecast for 2019 to $62.50 a barrel from $70 per barrel and cut its West Texas Intermediate (WTI) price view to $55.50 per barrel from $64.50. "They can be very convincing when they choose to be". The global benchmark crude traded at an $8.61/bbl premium to WTI for the same month.

“Progress in trade talks, softening of the Fed's stance, and a surprisingly good jobs report last week, have all, added to the impression that the demand side of the equation could also help to support energy prices, ” Yawger wrote. The U.S. administration on January 7 expressed optimism it can reach a "reasonable" trade deal, and Trump has given Trade Representative Robert Lighthizer until March 1 to negotiate an accord.

A steep rise in onshore shale drilling has helped make the United States the world's top producer, with crude production (C-OUT-T-EIA) up 2 million barrels per day (bpd) a year ago to a world record 11.7 million bpd.

The crude prices have declined by 40% after declaring the 4 year high, which was over $76 per barrel. Nationwide inventories are near their lowest level in nearly two months.

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