The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Oil steadied near a three-month high on cautious optimism that a preliminary trade deal between the US and China will support global fuel consumption.
Futures held near $60 a barrel in New York after settling at the highest since September 16. While the partial trade deal leaves most of the tariffs built up over the 20-month conflict in place, it’s adding to a more positive outlook for oil prices, which were already drawing support from deeper-than-expected production cuts announced this month by Opec and its partners.
Hedge funds increased net-bullish wagers on West Texas Intermediate crude by the most in three years in the week through December 10.
“The latest Christmas present for oil bulls is a long-awaited trade agreement between the U.S. and China,†Citigroup Inc. analysts including Francesco Martoccia said in a report.
WTI for January delivery was little changed at $60.08 a barrel on the New York Mercantile Exchange at 8:16 am local time. It gained 1.5% last week.
Brent for February settlement was 22 cents higher at $65.44 a barrel on the London-based ICE Futures Europe Exchange after rising 1.6% on Friday and 1.3% last week. The global benchmark was at a $5.39 premium to WTI for the same month.