Oil markets in the green, stay close to three-month highs on trade deal agreement

Oil futures are demonstrating moderate growth after China and US have agreed on phase one of the trade deal

                                

Oil futures are mostly in the green on Monday after reaching a three-month high on Friday, December 13. This followed the US-China agreement on the first phase of their much-anticipated trade deal.

According to the charts, on Friday the ICE 0'>Brent Crude futures rose 1.59 per cent to $65.22 per barrel. Meanwhile, WTI futures were up 1.5 per cent to $60.07 by the time the markets closed that day.

On Monday the traders have taken a wait-and-see attitude. The prices are mostly in the green zone, clinging to the three-months highs.

As of press time, Brent crude is up 0.18 per cent to $65.34, while WTI futures were up 0.12 per cent, trading at $60.14.

US and China have reached phase one of their trade agreement after 18 months of political tension that provoked intense irritation among traders.

Donald Trump approved an agreement “in principle” that would see the US roll back some of the tariffs on $360bn (€323bn, £269bn) of Chinese goods in exchange for Chinese commitments to buy US agricultural products and other concessions.

China’s commerce vice-minister Wang Shouwen also officially agreed to phase one. However, phase one needs to go through multiple legal procedures in Washington and Beijing before getting signed off.

FURTHER READING: US and China reach phase one of trade deal

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image