• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 1 day Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 5 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 11 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 18 hours NordStream2
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 5 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 5 days Modest drop in oil price: SPRs vs US crude inventory build
  • 21 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days 2019 - Attack on Saudi Oil Facilities.
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
Will Rivian Become The Next Tesla?

Will Rivian Become The Next Tesla?

Rivian Automotive just went public,…

Editorial Dept

Editorial Dept

More Info

Premium Content

Mini Trade Deal Could Be Huge Catalyst For Oil

U.S. West Texas Intermediate futures are in a position to close higher for the week although trading inside last week’s range still suggests investor uncertainty and indecision. Furthermore, the price action appears to be representative of short-covering as opposed to aggressive counter-trend buying. This is understandable considering the fundamentals remain overwhelmingly bearish despite a slight shift in the narrative due to optimism over a possible trade deal between the United States and China.

Supported by Expectations of Limited US-China Trade Deal

Crude oil prices are moving higher on the last day of the week as traders grew more optimistic over the possibility of a limited trade deal between the United States and China.

Keep in mind that the entire move is based on speculation after President Donald Trump told reporters on Thursday that talks between the two economic powerhouses were going “really well.” His remarks came after he tweeted that he would meet with Chinese Vice Premier Liu He at the White House on Friday.

Traders have been growing more optimistic throughout the session on Friday, but just enough to fuel a short-covering rally. Other than speculative buying, there still isn’t any evidence that investors have flipped sentiment from bearish to bullish.

Driving the optimism at the end of the week are a series of moves by the United States and China that suggest progress is being made at the meeting. These…





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