Oil prices rise over 2% on trade talk optimism

Oil Set for Longest Gain in 17 Months on U.S. Economy OPEC CutsMore

Oil has gained almost 12 per cent since last Monday, its biggest week-on-week rally since early December 2016.

There's a "very good chance" the USA gets a reasonable deal with China, Commerce Secretary Wilbur Ross told CNBC on Monday, as trade negotiations began in Beijing.

WTI and Brent were each up 2 percent during midday trading, with WTI closing in on $50 per barrel and Brent jumping above $58 per barrel.

Supporting Ritterbusch's observations was news from Genscape that USA crude inventories at Cushing, Oklahoma fell by 565,000 barrels from last Tuesday to Friday. If the worst can be avoided, there is a lot more room to the upside for crude prices, particularly since oil traders have grown pessimistic about the fate of the global economy. Trade talks with China are "going very well", President Donald Trump said in a tweet, even as his Chinese counterpart, Xi Jinping, dispatched one of his top aides to negotiations in Beijing. The U.S. Federal Reserve signaling a hold in interest-rate hikes that had spurred risk aversion and volatility across global financial markets is also boosting oil. Prices have advanced nearly 12% in the last seven sessions, undoing nearly half of 2018's full-year loss.

Saudi Arabia is reportedly planning further cuts to its crude oil exports in order to lift commodities prices and cover its recently announced 9% increase in government spending.

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The West Texas Intermediate for February delivery increased 0.56 USA dollar to settle at 48.52 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery rose 0.27 dollar to close at 57.33 dollars a barrel on the London ICE Futures Exchange. "And so we see the potential for Brent crude to go to US$70 a barrel over the course of the year". "Fed's easier stance and OPEC's commitment to cut production, as well as expectations that inventories should drop are lending a hand to this positive investor sentiment".

US West Texas Intermediate (WTI) crude oil futures were at $48.85 per barrel, up 33 cents, or 0.7 percent. The current round of talks are scheduled to continue through Tuesday, with more senior-level discussions likely this month.

As a result, US crude oil production rose by 2 million barrels per day (bpd) previous year to a world record 11.7 million bpd.

Rising production from North American shale basins, particularly the USA, which surged past 11 million bpd in August, outpaced sovereign producers Saudi Arabia and Russian Federation and was one of the factors behind the market's oversupply, the report said.

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