Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Oil steadies after Trump dashes hopes on trade deal details

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/12/2019 | 03:08pm EST
FILE PHOTO: A crude oil tanker is seen at Qingdao Port Shandong province

Oil prices ended Tuesday little changed after paring gains of about 1% following a speech from U.S. President Donald Trump that offered few new details about Washington's trade talks with Beijing.

Concerns about slower economic growth and oil demand due to the fallout from the 16-month trade dispute between the world's two biggest economies have weighed on crude futures.

Brent crude futures ended the session down 12 cents at $62.06 a barrel after trading between $62.85 and $61.82. West Texas Intermediate (WTI) crude futures settled down 6 cents at $56.80 a barrel.

Prices pared earlier gains after Trump's remarks to a lunch gathering of The Economic Club of New York included mixed messages about U.S.-China trade talks and excluded specifics about any progress in negotiations.

Trump said U.S. and Chinese negotiators were "close" to a "phase one" trade deal, but largely repeated well-worn rhetoric about China's "cheating" on trade.

Earlier, prices received support from data that showed crude inventories at Cushing, the delivery point for WTI, fell by about 1.2 million barrels in the week to Nov. 8, traders said, citing market intelligence firm Genscape.

Inventories at the hub were expected to draw down after a more than 9,000-barrel leak forced the 590,000-barrel-per-day Keystone crude pipeline to be shut in late October. The line has since been restarted at reduced pressure.

Cushing inventories had grown for five weeks in a row through Nov. 1, according to government data.

However, crude stockpiles nationwide were forecast to have risen last week for a third week in a row, a preliminary poll ahead of government data due on Thursday showed. Weekly energy data has been delayed a day due to the Veterans Holiday on Monday.

(Graphic: Cushing inventories - https://fingfx.thomsonreuters.com/gfx/editorcharts/OIL-CHUSHING-STOCKS/0H001QXJ09D2/eikon.png)

Brent has risen 16% in 2019, supported by a supply-limiting pact by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. The producers meet on Dec. 5-6 to decide whether to extend the deal.

Oman, one of the outside producers working with OPEC, said on Monday that the alliance would probably extend the agreement but was unlikely to increase the size of the supply cut.

In a further supportive supply-side development, Goldman Sachs cut its 2020 forecast for growth in U.S. oil production, which has surged in recent years and helped keep a lid on prices.

"The market is stuck between a perception of 2020 oversupply and strengthening physical markets for oil globally," said Scott Shelton, a broker at ICAP in Durham.

(Additional reporting by Alex Lawler in London, Aaron Sheldrick; Editing by Marguerita Choy and Alex Richardson)

By Devika Krishna Kumar

Stocks treated in this article : London Brent Oil, WTI
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.76% 64.92 Delayed Quote.18.27%
WTI 0.42% 59.81 Delayed Quote.30.11%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
05:00pUK Plc shares hail Johnson's storming election victory
RE
05:00pFactbox - Surging sterling's impact on European consumer companies
RE
04:59pChina says reached phase one deal with U.S., to cancel Sunday tariffs
RE
04:59pTrump says U.S. will use leverage of remaining China tariffs in phase two deal
RE
04:59pU.S., China Agree to Limited Deal to Halt Trade War -- Update
DJ
04:54pWall Street slips as investors look for concrete details on trade deal
RE
04:52pAEM ASSOCIATION OF EQUIPMENT MANUFACTURERS : Praises Removal of Tariffs
PU
04:52pShares gain, but doubts linger on U.S.-China deal, oil rises
RE
04:50pShares gain, but doubts linger on U.S.-China deal, oil rises
RE
04:47pFacebook, privacy activist Schrems battle nears end on Dec. 19
RE
Latest news "Economy & Forex"