Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Oil Rises as Trump Tweets U.S.-China Trade Talks 'Going Very Well'

Commodities Jan 08, 2019 08:59AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
LCO
+1.43%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CL
+1.14%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NG
+1.33%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NYF
+0.71%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GPR
+0.80%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com - Crude prices were higher on Tuesday as the U.S. and China continued their two-day trade meeting, increasing hopes that Beijing can sustain its economy.

Chinese and U.S. officials are in the midst of trade talks in Beijing, which U.S. officials say are likely to lead to a resolution.

Investor hope that the countries can resolve their differences was boosted after U.S. President Donald Trump tweeted that “talks with China are going very well!”

The two countries have until March 1 to make a deal before the U.S. increases tariffs on Chinese imports. China is also the biggest importer of crude.

West Texas crude oil futures for February jumped 1.44% to $49.22 a barrel as of 8:58 AM ET (13:58 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., rose 1.4% to $58.13 a barrel.

The price was driven higher by news that Turkey resumed imports of Iranian crude oil after a one-month hiatus. The U.S. imposed sanctions against Iran in November, but gave Turkey and others a waiver to continue importing. Turkey is now able to import about 60,000 barrels per day (bpd), compared to a prior import number of 200,000 bpd.

Meanwhile, Saudi Arabia is planning to cut crude exports to around 7.1 million bpd by the end of January, The Wall Street Journal reported.

Still, global headwinds could slow the demand for fuel, as slowing economic growth and trade uncertainties have left some investors on edge. And increase in OPEC cuts have done nothing to make a dent in U.S. oil supply, which rose by 2 million bpd last year to a world record 11.7 million bpd.

In other energy trading, gasoline RBOB futures fell 0.15% to $1.3452 a gallon, while heating oil increased 1% to $1.8043 a gallon. Natural gas futures jumped 1.29% to $2.995 per million British thermal units.

Oil Rises as Trump Tweets U.S.-China Trade Talks 'Going Very Well'
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email