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Nairaland Forum / Nairaland / General / Business / Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts (8008 Views)
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Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Mrakeli: 12:51pm On Jan 07, 2019 |
Oil prices rose by more than 1.5 per cent on Monday on hopes that talks in Beijing can resolve a trade war between the United States and China, while supply cuts by major producers also supported crude. Brent crude futures LCOc1 were at $58.04 per barrel at 0751 GMT, up 98 cents, or 1.7 per cent, from their last close.U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $48.85 per barrel, up 89 cents, or 1.9 per cent. Financial markets were riding a relief rally on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing, starting on Monday, would lead to an easing in tensions between the two biggest economies in the world. The United States and Beijing have been locked in an escalating trade spat since early 2018, raising import tariffs on each other’s goods. The dispute has weighed on economic growth. Goldman Sachs said in a note on Monday that it had downgraded its average Brent crude oil forecast for 2019 to $62.50 a barrel from $70 due to “the strongest macro headwinds since 2015”. French bank Societe Generale also lowered its oil price forecasts, cutting its 2019 average price expectation for Brent by $9 to $64 a barrel and reducing its WTI forecast to $57 a barrel, also a reduction of $9. The bank said it had revised its global oil demand growth forecast to 1.27 million barrels per day (bpd), down from 1.43 million bpd previously. In the latest signs of widespread economic slowdown that could also hit fuel demand, British new car sales in 2018 fell at their fastest rate since the global financial crisis a decade ago, preliminary industry data showed on Monday. Meanwhile, German industrial orders dropped in November, official data showed on Monday, as Germany’s exporters suffer from the trade dispute between China and the United States. U.S. bank J.P. Morgan said in a note late last week that “bond and commodity markets appear to be pricing in on average close to a 60 per cent chance of a U.S. recession over the coming year compared to a 40 per cent chance by our economists and 27 per cent chance by the consensus”. Despite the likelihood of a slowdown, crude future prices were being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC Russia. Goldman said the cuts would result in a gradual increase in spot crude prices in 2019 as high inventories revert to their 5-year averages. OPEC oil supply fell in December by 460,000 barrels per day (bpd), to 32.68 million bpd, a Reuters survey found last week, led by cuts from top exporter Saudi Arabia. The cuts are aimed at reining in swelling supply, especially in the United States. Because of record U.S. crude oil production C-OUT-T-EIA of 11.7 million bpd, American fuel stockpiles are rising, according to weekly data by the Energy Information Administration (EIA) released on Friday. Crude oil inventories C-STK-T-EIA rose by 7,000 barrels in the week that ended on Dec. 28, to 441.42 million barrels, more than 5 million barrels above their 5-year average. Distillate and gasoline stocks, however, rose by a whopping 9.5 million and 6.9 million barrels, to 119.9 million and 240 million barrels respectively, the EIA data showed. https://www.akelicious.net/2019/01/oil-prices-jump-on-us-china-trade-hopes.html
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Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by ainas247: 1:19pm On Jan 07, 2019 |
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Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Annymichaelz(m): 1:19pm On Jan 07, 2019 |
The guy above me, which network are you using ![]() |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Chidex50(m): 1:19pm On Jan 07, 2019 |
..if you cannot do great things, do small thing in a great way |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Nathdoug(m): 1:19pm On Jan 07, 2019 |
V |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by helinues: 1:20pm On Jan 07, 2019 |
Trumps ego effects |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by BilliOne(m): 1:20pm On Jan 07, 2019 |
The only thing that should be jumping in this country is salaries but no it is not jumping but sleeping 4 Likes |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Richdad50(m): 1:21pm On Jan 07, 2019 |
Trump is the best fit for the tyranny communist China. 2 Likes |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by fineboynl(m): 1:23pm On Jan 07, 2019 |
bitcoin is improving just hit 4k USD today 2 Likes |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Uglymugg: 1:27pm On Jan 07, 2019 |
helinues: Trump is seriously pushing for lower oil price. |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Rexnegro(m): 1:27pm On Jan 07, 2019 |
okay |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by ainas247: 1:29pm On Jan 07, 2019 |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by wink2015(m): 1:33pm On Jan 07, 2019 |
Mrakeli: HOW DOES THIS PUT SENSES ON NIGERIA 'S POLITICAL LEADERSHIP TO DIVERSIFY THE NATIONS ECONOMY? Crude oil money has turn all the politicians into ZOMBIE! 6 Likes |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Boyooosa(m): 1:33pm On Jan 07, 2019 |
When you hear society generale, saraki comes to mind |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by chloride6: 1:39pm On Jan 07, 2019 |
Children of hate and doom will die when our oil revenue budget is met this year 4 + 4 issa goal |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Gaddafithe2nd(m): 1:43pm On Jan 07, 2019 |
Boyooosa:The Sarakis finished that bank and were shielded by OBJ. 1 Like |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by kamokaze10(m): 1:54pm On Jan 07, 2019 |
Isdokay |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Boyooosa(m): 1:55pm On Jan 07, 2019 |
Gaddafithe2nd:Obj and extended to yaradua.... 1 Like 1 Share |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Auladimeji1: 2:24pm On Jan 07, 2019 |
Richdad50:To read na problem now abi? |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Vtrd: 2:36pm On Jan 07, 2019 |
chloride6:It is the children of uselessness and incompetence that want low oil prices to use as excuse for failure. Your baba is fast running out of excuses. 1 Like |
Re: Oil Prices Jump On U.s-china Trade Hopes, Supply Cuts by Kamxin(m): 2:39pm On Jan 07, 2019 |
Richdad50: You are spot on |
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