Oil Heading Towards A Weekly Close In Green

 

Oil prices stabilized after a monthly gain in January. Oil prices ended yesterday trading on a mixed note, with WTI down 0.8%, Brent gaining 0.4%, and gaining monthly gains of 18.5% and 15%, respectively.

The weekly US oil data, which showed a 1.1 million barrel drop in Saudi exports of crude oil to the United States, was also cited as the rear wind.

As well as developments on trade negotiations between the world's two largest economies. The White House said in a statement that the United States and China's delegations had made progress during their trade talks in Washington but the customs tariff on Chinese goods would increase if the two countries did not reach an agreement by March 1.

"Despite the progress that has been made, there is still much work to be done," the statement said on Thursday. The White House confirmed that "Trump reiterated that the 90-day process agreed upon in Buenos Aires represents a difficult deadline, and that US tariffs will increase unless the United States and China reach a satisfactory result by 1 March 2019."

Earlier, US President Donald Trump said there had been tremendous progress in intellectual property rights and technology in the last round of trade talks, but added: "That does not mean we have a deal."

Oil prices received some support this week following Trump's sanctions against the state-owned state oil company, Carasas PDVSA, which effectively stopped Venezuela's crude oil flow, a large sulfur-laden grade essential for the manufacture of diesel and other transport fuels. United State.

Oil contracts

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