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Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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Momentum Is Building For Oil

Refinery

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.

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 a Reuters poll showed the market is being supported by the OPEC-led supply cuts which began on January 1. The data showed OPEC pumped 30.98 million barrels per day (bpd) in January, down 890,000 bpd from December.

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