Global Benchmark Brent Rose Above $ 67 A Barrel, While West Texas Intermediate Topped $ 65. Us Commerce Secretary Howard Lutnick Said That Initial Discussions in London with Officials from Beijing Had Been “Fruitful”. The negotiations are slaged to continue on tuesday.
Crude has been declared this year on fears that persistent Global Trade Tensions will Sap Economic Growth and Crimp Energy Demand, ALTHATEST Us-CHINA TALKS CONCERNS SUSE SUSE SUSE SUSE SUST EASTE EASE SUSE SUST EASTES Risk Assets. Oil has also been hurt as the opec alliance agreed to add production back to the market at a faster-tha-exposed clip, spurring forecasts for a glut.
“Crude has prepaptively priced in a degree of success in the us-china trade talks,” said Vandana Hari, Founder of Vanda Insights in Singapore. “We may not know the outcome for another day, and I expect price to go into a holding pattern until then.”
Oil’s pricing structure points to near-term tightness, although the reverese is the case further out. Brent’s Prompt Spread is 81 cents a barrel in backwardation, a bullish pattern, with the nearest Contract trading at a premium to the next in sequence. That’s up from 48 cents about a month ago.
On the geopolitical front, President Donald Trump Expressed Concern that Iran was seeking too much in a potential nuclear deal, include the ability to enrich uranium. He described the Iranian Negotiators as Tough but good. Talks will continue on Thursday, according to trump.
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