Oil prices climb as China confirms a deal on the text of a phase one trade deal with the U.S.

Dec 13 17:12 2019 Print This Article

Oil futures climbed on Friday, with U.S. prices touching their highest levels since mid-September, after China said it has reached an agreement on the text of a phase one trade agreement with the United States.

The lack of a trade agreement had been a major headwind to crude demand, but oil prices got a boost Thursday when President Donald Trump tweeted that the U.S. was “getting VERY close to a BIG DEAL with China.”

Some reports then emerged saying that Trump approved a phase-one trade deal with China, possibly averting new tariffs on some $160 billion in consumer goods that were set to take effect Sunday, and bolstering hope that the harm done to global economic growth may fade.

China confirmed Friday that it reached a deal on the text of a phase one pact, according to a translation reported by CNBC. The agreement hasn’t been signed.

Read More

About Article Author

Market Pulse

Established in 2006, MarketPulse is a free news site that provides full-time coverage of the world's largest financial markets, focusing on forex, commodities, and global indices research and analysis. Armed with a global team of securities analysts and strategists, Market Pulse provides timely, accurate, and informative research on major macroeconomic trends, technical analysis, and worldwide events that impact different asset classes and investors.

Related Items

Agriculture markets eye normality as countries ease export restrictions

The global food supply chain, as well as demand for agricultural products, faces an unprecedented threat from the coronavirus pandemic. Livelihoods have been destroyed and economies dragged down, while prices of basic foodstuffs soared and countries imposed measures to limit exports and shore up do ...

Precipitate Gold $PRG.V $PREIF Adds Major Barrick Gold $GOLD as Shareholder

Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in the Pueblo Viejo Mining Camp and Tireo Gold Trend of the Dominican Republic. Precipitate is also actively evaluating additional high-impact property acquisitions with the pot ...

Biggest Gold Asset in S. America Got New CEO with Great M&A Record

During this quarantine I have been blessed to speak to some extremely successful entrepreneurs in the mining sector.  It has been during this pandemic crisis that opportunities arise for astute investors who can think quickly.   Many smart investors who left the mining sector to real estate, cann ...

Don’t write an obituary for shipping’s dirtiest fuel

High sulfur fuel oil, once the cheap staple diet of the shipping industry, has been usurped by an abundance of low-cost, premium quality bunker fuel. That’s led to seafarers freezing orders for equipment to remove the sulfur from HSFO and maximizing compliant fuels. But don’t write off shipping ...

Commodity Tracker: 4 charts to watch this week

A recovery in Chinese independent refiners’ oil imports tops this week’s pick of trends in energy and raw materials markets. EU carbon markets, the relationship between US rig counts and tubular steel prices, and LNG supply to Europe are also on the agenda. 1. Saudi crude supply to Chinese ind ...

Market Update: Investors Optimistic as Global Economies Reopen

The quickest bear market in the history of the US S&P 500 turned into the best 50-day bull market rally in history in May. By market close on June 3, 2020, the S&P 500 Index was up 37.7% from its March 23, 2020 low. This bullish investor sentiment has been based on the continued decline in new coro ...

Asia’s Morning: Big Bazooka’s Everywhere

Central Banks around the world appear to be about to deploy more large calibre monetary weaponry than an NRA convention. Both the Federal Reserve and Reserve Bank of New Zealand have enacted emergency rate cuts overnight. The actions of the Fed cutting the fed funds rate by 100bps to 0.0-0.25%, wi ...

COVID-19: The ultimate identity politics?

Political Action Human beings always aspire to be part of something larger. There's the family but it's limited, they want a level beyond that. So they find other entities to feel they belong to, like nations, religions, movements or generations. Very often -- most of the time -- those involve ...

Gold About To Breakout $1800

It was 2008 and we were in the middle of the Great Financial Crisis.  At the time I was working as a math teacher with a small family.  I was already investing in junior gold miners for 10 years before I took the plunge to go full time into becoming a mining entrepreneur leaving a secured tenure ...