Brent crude oil futures fell 23 cents, or 0.4% to $64.99 a barrel by 0101 GMT, after closing at a near three-month high on Friday. - Bloomberg
SHARE SHARE SHARE
EMAIL SHARE COMMENT
Oil prices fell but remained near three-month highs on Monday after the United States and China agreed to an initial trade deal, a move market participants said could stoke oil demand and boost trade flows.
The United States and China cooled their trade war on Friday, announcing a “phase one” agreement that reduces some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and other goods.
Brent crude oil futures fell 23 cents, or 0.4% to $64.99 a barrel by 0101 GMT, after closing at a near three-month high on Friday.
West Texas Intermediate crude was down 23 cents or 0.4% to $59.84 a barrel.
“It seems the market has now fully priced the phase 1 trade agreement so we are going to need further news if we are going to push through the important (technical) resistance that is just ahead of crude oil,” said Michael McCarthy, chief market strategist at CMC Markets.
The last-minute agreement that averted additional tariffs on Chinese goods totalling $160 billion lifted oil prices on Friday but investors remained cautious on Monday as they awaited details of the trade deal that is yet to be officially signed.
U.S. Trade Representative Robert Lighthizer said on Sunday the deal will nearly double U.S. exports to China over the next two years and is “totally done” despite the need for translation and revisions to its text.
China's State Council's customs tariff commission said on Sunday that it has suspended additional tariffs on some U.S. goods that were meant to be implemented on Dec. 15.
Still, concerns of China's slowing economy stoked worries of slowing oil demand in the key consumer after policy sources said China plans to set a lower economic growth target of around 6% in 2020 from this year's 6-6.5%.
Published on December 16, 2019
Amul hikes milk prices by Rs 2/litreThe Hindu Businessline
Index Outlook: Sensex, Nifty back at resistance levelThe Hindu Businessline
No confirmation on Jhunjhunwala’s investment in Yes BankThe Hindu Businessline
Investors lay siege to SEBI office, demand Karvy-like action against BMA WealthThe Hindu Businessline
Born between 1960-1975? Rs.1cr Term Insurance Cover at Just Rs.2500/Month*. Get Quote!Term Life Insurance|
Al Pacino Is 80 Years Old & Where He Lives Now Is Sad to SeeTrading Blvd|
Live Online 1:1 Coding for Kids age 6-14.WhiteHatJr.com|
Jhunjhunwala likely to withdraw from YES Bank's preferential share offerThe Hindu Businessline
Thanks to subsidy, onions cost just ₹25/kg in Andhra PradeshThe Hindu Businessline
Daily Onion Price Tracker– December 9, 2019The Hindu Businessline
The Cost of an Apartment in Dubai Might Surprise YouDubai Apartments | Search Ads|
These 30 women are the most beautiful in the worldEasyvoyage|
Mitsubishi Electric is Working Towards Creating a Better Tomorrow with Smart and Innovative SolutionsMitsubishi|
This number plate keychain can be personalised for you.Blastoise - Number Plate Metal Keychains|
The Cost of Apartments In Barcelona Might Surprise YouBarcelona Apartments I Search Ads|
YES Bank funding: Now, question mark over CitaxThe Hindu Businessline
CAB effect: Japanese PM puts off India visitThe Hindu Businessline
A Proven Way to Sharpen Young MindsMagic Crate|
Jacklyn Smith Is Almost 75, Try Not To Smile When You See Her NowMisterStocks|
Villas Prices in Goa Might Surprise YouVillas for Sale | Search Ads|
Recommended for you
Stock Call: Why you should buy Gulf Oil Lubricants
Bullish breakout in crude oil futures
View: OPEC+ deal isn’t worth the paper it is written on
China suspends planned tariffs on US goods
Six of top-10 firms add ₹65,060 crore in m-cap
Onion retail price tracker: Thursday, December 12
CEO Reading List: December 14, 2019
Yoga’s effect on brain circuit decoded
Making sense of coupons, yields and YTMs
You May Like
Work From Home Jobs Might Earn You More Than You ThinkWork From Home | Search Ads
Europe Tours From India Might Be Cheaper Than You ThinkEurope Tours | Search Ads
Dubai Tour Package Costs From Begas Might Actually Surprise YouDubai Tours | Search Ads
The Cost of a London Apartment Might Surprise YouLondon Apartments | Search Ads
Electronics Pest Control Machine, No Chemical and No Fumes.Insectkillers
The price of solar panels may surprise youSolar Panel Offers | Search Ads
Coal Ministry allots one coal mine each to NMDC, RINL
Weather Forecast: December 14, Saturday
Equities end in green on late buying spree; Sensex closes 172 points higher
Citizenship (Amendment) Bill: People of Assam have nothing to worry about, says PM Narendra Modi
Many tunnels, no water
Construction of tunnels to connect what will be the world’s tallest railway bridge in Jammu and Kashmir’s ...
This one is an innovative ‘stitches to riches’ story
How quilting discarded clothes is being used to empower women
Manipur shows the herbal way to health
Manipur’s rich plant wealth is a gift to mankind that needs to be nurtured with care, says biotech ...
TVS’s Apaches now BS-VI compliant and better equipped
Sometime last year when TVS sent out the four-valve 160 for a ride, it was immediately impressive. From the ................BL