• 3 minutes Tesla is the Most American Made Car!
  • 7 minutes Should the US government be on the hook for $15 billion?
  • 9 minutes California breaks 1 GW energy storage milestone
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 17 mins U.S. Presidential Elections Status - Electoral Votes
  • 5 hours China Producing Half of the Worlds Electrical Vehicle Batteries is Experiencing Explosive Pollution
  • 1 hour Severe Drought in the West Will Greatly Reduce Electrical Production from Hydroelectric Turbines.
  • 3 days Colonial pipeline hack
  • 2 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Futures Exchanges Gear Up For EV Boom

Futures Exchanges Gear Up For EV Boom

The CME’s Comex and London…

A Terrible Time For OPEC+ To Resolve Differences

A Terrible Time For OPEC+ To Resolve Differences

It seems that Saudi Arabia…

Editorial Dept

Editorial Dept

More Info

Premium Content

Deal Or No Deal: Will The Oil Rally Continue?

U.S. West Texas Intermediate crude oil futures are barely holding on to their marginal weekly gains early Friday as confusion has set in over whether there is a trade deal between the United States and China.

Earlier in the session on Friday, the market hit a three month high in response to the news that the United States and China had reached a “phase one” trade agreement.

Three sources close to the talks told CNBC on Thursday, the Trump administration has reached a phase one trade deal with China in principle, pending approval from President Donald Trump.

Crude oil prices retreated from its weekly high as investors digested mixed news around U.S.-China trade relations after President Trump tweeted a Wall Street Journal report on the U.S.-China trade deal is “completely wrong.”

That appears to the story driving the price behavior at the end of the week, and it could determine whether the market closes higher or lower for the week. Depending on the circumstances, this event could influence the longer-term direction of the market.

China Press Conference Could Be Key Influence on Prices

China has scheduled a press conference for early Friday (stateside) that could also dictate this week’s close and next week’s direction. Basically, “trade deal on” is likely to underpin prices, and “trade deal off” is likely to encourage profit-taking and position-squaring.

Conventional Supply/Demand…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News