•   
  •   
  •   

Money Oil prices edge up on U.S.-China trade optimism, but demand concerns cap

06:30  22 october  2019
06:30  22 october  2019 Source:   reuters.com

Premier to travel to China again, to ‘maximize’ N.S. exports despite unrest

  Premier to travel to China again, to ‘maximize’ N.S. exports despite unrest 'We continue to need to go over to connect those ties to drive economic opportunities for the private sector,' Premier Stephen McNeil said.The trip is being planned as China deals with its civil unrest and is continuing to detain two Canadians.

SEOUL (Reuters) - Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U . S .- China trade dispute, but gains were contained by lingering anxiety a slowdown in the global economy could hurt crude demand . Brent crude futures were at .10 a barrel by 0027 GMT

Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U . S .- China trade dispute, but gains were contained by lingering anxiety a slowdown in Brent crude futures were at .10 a barrel by 0027 GMT, up 14 cents, or 0.2%, from their previous settlement.

a crane is in the air: FILE PHOTO: Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen© Reuters/AGUSTIN MARCARIAN FILE PHOTO: Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen

SEOUL (Reuters) - Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U.S.-China trade dispute, but gains were contained by lingering anxiety a slowdown in the global economy could hurt crude demand.

Brent crude futures were at $59.10 a barrel by 0027 GMT, up 14 cents, or 0.2%, from their previous settlement. Brent settled down 0.8% at $58.96.

U.S. West Texas Intermediate (WTI) crude futures advanced 18 cents, or 0.3%, from their last close to $53.49 per barrel. In the previous session, WTI settled 0.9 lower at $53.31 a barrel.

Oil Climbs to $60 as Iran Tanker Attack Reignites Mideast Risk

  Oil Climbs to $60 as Iran Tanker Attack Reignites Mideast Risk Oil jumped to $60 a barrel after reports of missile strikes on an Iranian tanker off the coast of Saudi Arabia reignited fears over military escalation in the world’s most important crude-producing region. Brent futures surged about $1 a barrel after the Islamic Republic News Agency reported a National Iranian Tanker Company tanker caught fire after a blast, taking the day’s gains to more than 2%. Two tanks in the Sabiti vessel were damaged in explosions while the tanker was hauling 1 million barrels of crude near the Saudi port of Jeddah, according to Iranian state media.

Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U . S .- China trade dispute, but gains were contained by lingering anxiety a slowdown in the global economy could hurt crude demand . Brent crude futures were at .10 a barrel by 0027 GMT, up 14

Oil prices and a gauge of global stock markets edged higher on Tuesday, lifted by fresh record highs on Wall Street after U . S . President Donald Trump said the United States and China were He noted that he does not expect oil demand to pick up noticeably even after any partial agreement is signed.

U.S. President Donald Trump on Monday said efforts to end a U.S. trade war with China were going well as negotiators from the two nations work to nail down a Phase 1 trade deal text for their leaders to sign next month when they meet at November's APEC summit.

"Commodity markets were cautiously optimistic amid signs that a trade deal was close to being signed by the United States and China," ANZ bank said in a note.

"Crude oil prices remained in the doldrums, with ongoing economic weakness weighing on sentiment," ANZ Bank added.

Brent is down about 22% from its April peak, while WTI is down around 20% from its peak reached in April.

Although there are some signs of easing tensions between the world's two largest economies, U.S. Commerce Secretary Wilbur Ross said on Monday that an initial trade deal doesn't need to be finalised next month, emphasizing the need to get the right deal.

That raises the risk of further prolonged negotiations and feed market anxiety about the prospects for a durable deal. Adding to tensions, China is seeking $2.4 billion in retaliatory sanctions against the United States for non-compliance with a WTO ruling in a tariffs case dating back to the era of President Barack Obama, a document showed.

On the supply side, U.S. crude stockpiles were expected to have increased for the sixth straight week, while distillates and gasoline stocks likely fell in the week to Oct.18, a preliminary Reuters poll showed on Monday.

(Reporting By Jane Chung)

Why are stock markets soaring amid so much uncertainty? .
Uncertainty is one of the biggest forces in global economics right now is uncertainty — it has weighed down the stock market and shaved as much as 0.75 per cent off U.S. GDP growth. Yet the market is setting new records.U.S. President Donald Trump took to Twitter to tout the records, saying: "Stock Market hits RECORD HIGH.

—   Share news in the SOC. Networks

Topical videos:

usr: 0
This is interesting!