• 3 minutes In a Nutshell...
  • 5 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 7 minutes Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 9 minutes Why Oil could hit $100
  • 1 hour COVID is real now
  • 59 mins Is Biden the poster child for White Privilege ? DNC needs to replace him now before it's too late.
  • 9 hours The Boris Yeltsin of America
  • 1 day Is the oil & gas industry on the way out?
  • 1 day Is The Three Gorges Dam on the Brink of Collapse?
  • 2 days Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 2 days Sources confirm Trump to sign two new Executive orders.

Breaking News:

Shale CEO: U.S. Has Passed Peak Oil

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Premium Content

Momentum Is Building For Oil

U.S. West Texas Intermediate crude oil futures are trading higher on Friday with the market hovering slightly below highs not seen since November 21.

The market is being boosted by optimism over the higher-level trade talks between the United States and China that were completed on January 31. Also underpinning the market is strong adherence to the OPEC-led supply cuts during January.

Prices are also being supported on Friday by a stronger-than-expected headline payrolls number that indicates strength in the labor market and solid ISM Manufacturing PMI data, which indicates strong factor demand.

Throughout the week, a number of events fueled a two-sided trade including a tightening of U.S. supply and the announcements of U.S. sanctions against Venezuela. Weak manufacturing PMI data from China also weighed on prices as well as a dovish outlook by the U.S. Federal Reserve.

Positive Spin on U.S. – China Trade Talks

Helping to support prices late in the week is the upbeat tone in the markets following the two-day high level trade talks between the United States and China.

On Thursday, President Trump said he would meet with Chinese President Xi Jinping soon to try to seal a comprehensive trade deal as the top U.S. negotiator reported “substantial progress” in the two days of high-level talks, CNBC said.

OPEC and its Allies are Following Through on Their Pledge

WTI prices rose to a two month high on Thursday after…





Leave a comment

Leave a comment




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