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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

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. .vemba-player-sticky{ min-width: 800px; z-index: 100000; }

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”…




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