Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Oil Prices Fall Amid Mixed Sino-U.S. Trade War Signals

Published 11/11/2019, 01:14 AM
Updated 11/11/2019, 01:15 AM
© Reuters.

Investing.com - Oil prices fell on Monday in Asia after U.S. President Donald Trump said trade talks with China are moving along “very nicely,” but denied reports from last week that the two sides have agreed to roll back on some existing tariffs on each others’ goods.

U.S. Crude Oil WTI Futures fell 0.9% to $56.71 by 1:10 AM ET (05:10 GMT). International Brent Oil Futures also dropped 0.9% to $61.91.

Oil prices surged almost 10% since early October amid reports at the time that suggested China and the U.S., the world’s biggest oil imports, were moving closer to a partial trade deal.

Also weighing on the market were data over the weekend that showed that China's producer prices fell the most in more than three years in October.

In other news, OPEC Secretary-General Mohammad Barkindo said last week that the outlook of oil market for 2020 may have upside potential, suggesting that there is no need to cut output further.

The OPEC+ alliance agreed last year to cut output by 1.2 million barrels per day since January until March 2020 in order to boost oil prices.

Latest comments

Iran's oil minister said Monday that an oil field whose discovery President Hassan Rouhani announced at the weekend adds only 22.2 billion barrels to the country's estimated crude reserves. Out of the amount at the site, only a tenth -- 2.2 billion barrels --- can be extracted due to technological limitations
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.