• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 16 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Bankruptcy in the Industry
  • 3 days The United States produced more crude oil than any nation, at any time.
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Hits Fresh 2019 High As Trade Deal Hopes Boost Prices

Oil well

Oil prices rose early on Friday, heading for a second weekly increase, driven up by optimism that the U.S. and China will forge a trade deal and that OPEC’s resolve to rebalance the market will outweigh soaring U.S. oil production.

At 08:00 a.m. EST on Friday, WTI Crude was up 0.98 percent at $57.52, while Brent Crude was trading up 0.61 percent at $67.60—with both benchmarks at their highest since November last year.

Although gains are capped by data that U.S. crude oil production hit 12 million bpd and American crude exports hit a new record high last week, market participants are hopeful that the U.S. and China can bridge the gaps in their ongoing trade talks.  

The two biggest economies in the world have begun to outline some broad commitments in principle on some of the thorniest issues in the trade dispute, Reuters reported on Thursday, citing sources familiar with the negotiations in Washington. Representatives of both delegations have been drafting memorandums of understanding on key issues including intellectual property rights, services, agriculture, currency, forced technology transfer and cyber theft, and non-tariff barriers to trade, two sources told Reuters. 

On Friday afternoon, U.S. President Donald Trump is set to meet with Chinese Vice Premier Liu He, who is leading the Chinese team of negotiators. Earlier this week, President Trump said that March 1, the deadline he had set for trade talks to reach a deal or start imposing new tariffs on Chinese imports, is “not a magical date,” suggesting that the Administration could be flexible and not slap more tariffs if a deal is not reached by that date.

Oil prices firmed up early on Friday after they had dropped on Thursday, following the EIA inventory report of a crude oil inventory build of 3.7 million barrels and U.S. crude oil production hitting a record 12 million bpd in the week ending February 15, rising by 100,000 bpd from 11.9 million bpd in the previous week.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





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