• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 13 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 1 day Old - New Kim: Nuclear Negotiations With U. S. Will Never Resume Unless Washington Changes Its Position
  • 8 hours Theresa May to Step Down
  • 18 hours IMO 2020 could create fierce competition for scarce water resources
  • 1 day IMO2020 To scrub or not to scrub
  • 1 day India After Elections: Economy And Hindu Are The First Modi’s Challenges
  • 2 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 3 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 3 hours Total nonsense in climate debate
  • 1 day Devastating Sanctions: Iran and Venezuela hurting
  • 1 day Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 228 days Epic Fail as Solar Crashes and Wind Refuses to Blow
  • 1 day Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Bullish News Underpins Oil

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday and are in a position to close higher for the week. Both futures contracts are also trading at their highest levels since December 19.

The markets are being boosted by optimism over the announcement of higher-level trade talks between the United States and China on January 7-8. Traders said the markets are also being underpinned by the start of the OPEC-led supply cuts on January 1.

A stronger-than-expected U.S. Non-Farm Payrolls report is also driving stocks higher, which is helping to generate further support for risky commodities like crude oil.

Higher Level Trade Talks

Prices firmed on Friday after China’s commerce ministry said that it would hold vice-ministerial level trade talks with U.S. counterparts in Beijing on January 7-8. Given the recent string of weak economic data from both countries, it seems there would be a sense of urgency to reach an agreement before there is a global recession.

OPEC Production Cuts

OPEC and its allies including Russia, agreed in December to reduce output by 1.2 million barrels per day (bpd) in 2019 versus October 2018 levels. This is supposed to trim the excessive global supply and stabilize prices. However, it’s going to take time. Traders feel that if OPEC can stay true to the deal, the global supply glut could be cleaned up within 3 to 4 months.

Reuters reported on Thursday…

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News