Oil Prices Rise on Trade Optimism; Production Cuts, U.S. Sanctions Also Supportive
Tuesday, 12 February 2019 13:44 WIB |
Oil prices gained on Tuesday in Asia following positive comments on trade by the Trump administration and the President himself.
The U.S. Crude Oil WTI Futures were trading at $51.66 per barrel at 1:19 AM EST (6:19 AM GMT), up 0.5%.
International Brent Oil Futures were also up 0.5%, at $61.84 per barrel.
On Monday, White House adviser Kellyanne Conway told Fox News that U.S. President Donald Trump wants to meet with his Chinese counterpart Xi Jinping œvery soon.
Her comments raised hopes that the two countries might still be able to reach a trade agreement before a March 1 deadline for higher tariffs. Trump has said earlier that if no deal is agreed by then, he might double the rates of tariffs on Chinese imports.
Investor sentiment was further lifted after Trump told his supporters in Texas on Monday that his administration is working on œgreat deals on trade and that he does not want China to have a hard time.
On the other hand, voluntary production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and U.S. sanctions on Venezuela and Iran were also supporting oil prices, some analysts said.