Oil prices steady as US-China trade talks continue

By Yana Berman

While negotiators discuss the first phase of the trade deal, Brent and WTI futures are stable

Brent and WTI crude futures were stable on Tuesday 26 November as US and China went on with discussing the preliminary stage of the trade deal, Reuters wrote.

Brent crude futures LCOc1 were down 0,17 per cent at 63,54, while WTI crude futures CLc1 fell 0,05 per cent to 57,98.

Beijing and Washington are struggling to sign "phase one" of the trade deal before Christmas. On Tuesday the negotiators held a phone call on the particular details of the agreement.

Despite the fact that the two countries are steadily moving closer to the preliminary deal, there are still a lot of issues to discuss. According to Global Times, the negotiators have not yet agreed on the tariff removal, as well as the resumption of agricultural purchases.

The next big event that is likely to influence the oil prices is the OPEC meeting in Vienna on December 5. The suppliers are expected to extend existing oil output cuts until mid-2020 or even until late 2020.

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Last week the US president said a trade deal with China is "potentially very close," although phase one is unlikely to be agreed before 2020 and thus will miss the next tariff deadline on December 15.

Asian stocks that are extremely dependant on the course of the talks were trading higher on Tuesday, cheering the warming in the relationship between the two countries.

FURTHER READING: Donald Trump says trade deal with China is ‘potentially very close’

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