Oil trades in the green on renewed trade optimism

Markets 1/11/2019, 1:02 PM
Oil trades in the green on renewed trade optimism

Crude prices traded in the green on Friday, reversing losses from the previous session as investors renewed their hopes that the United States and China will agree on a new trade deal. Both benchmarks are heading towards the second week of gains, rising around 10% since the end of December.

Investment incentives were also boosted by the Organization of the Petroleum Exporting Countries's (OPEC's) and other major oil producers' output cut deal implemented in order to battle the continuous market oversupply. Meanwhile, market watchers also focused on the upcoming Baker Hughes oil rig count due for release later in the day.

West Texas Intermediate for February delivery added 0.63%, changing hands for $52.90 per barrel at 12:50 pm CET while the international benchmark Brent for settlements in gained 0.34% to trade for $61.91 per barrel at 12:51 pm CET.

Breaking the News / VK

Keywords:
oil
Share:

Brent Crude (...+0.28%

60.70
Chart for: F BRN 3/19

F WBS+0.15%

52.10
Chart for: F WBS 2/19