WTI Crude Oil Trades Strong Amid Rising Hopes for US-China Trade Deal, OPEC Supply Cuts
WTI crude oil prices continue to trade bullish after climbing higher in the previous session over optimism about continued production curbs
Early on Wednesday, WTI crude oil prices continue to trade bullish after climbing higher in the previous session over optimism about continued production curbs by the leading oil producers of the world. At the time of writing, WTI crude oil is trading at around $61.09 per barrel.
Amid thin holiday trading, crude oil prices enjoyed support from recent comments by Russian energy minister Alexander Novak, who stated that Russia and OPEC will continue to work together on restricting oil supply for as long as the markets need it. Last month, OPEC+ nations had agreed to restrict crude production by as much as 2.1 million bpd in 2020 to offset weakening demand.
WTI crude oil prices have also gained on increased expectations for the US-China phase one deal, which could help mitigate escalating trade tensions between the two world leaders. For most of 2019, crude oil has traded under pressure on account of rising tensions between the US and China on the issue of trade, so the phase one agreement should help improve this sentiment and increase oil demand among the world’s two biggest consumers.
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