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Oil prices rose early Friday, leading to a second weekly rise, driven by optimism that the US and China would enter into a trade deal and that OPEC's resolution to rebalance the market would prevail. on oil production in the United States.
On Friday at 8:00 am EST, WTI crude was up from 57.52 USD to 57.52%, while Brent crude traded up 0.61% to 67.60 USD, while two benchmarks are at their highest level since last November.
Although US crude oil production reached 12 million barrels a day and US crude exports reached a new record last week, market participants hope the US and China can bridge the gap ongoing trade negotiations.
The world's two largest economies have begun to set out general policy commitments on some of the toughest issues in the trade dispute, Reuters reported on Thursday, citing sources close to the Washington talks. Representatives from both delegations drafted memoranda of understanding on key issues such as intellectual property rights, services, agriculture, currencies, forced technology transfer, computer theft and non-tariff barriers to trade. , told Reuters.
Friday afternoon, US President Donald Trump must meet with Chinese Vice Premier Liu He, who heads the team of Chinese negotiators. Earlier this week, President Trump said that March 1, the deadline set by the trade talks to reach an agreement or start imposing new tariffs on imports from China, is "not a magic date, "suggesting that the administration could be flexible and not slap. more rates if an agreement is not concluded by that date.
Oil prices firmed early on Friday after falling on Thursday, following the EIA inventory report that 3.7 million barrels had been accumulated and crude oil production in the United States United States reached a record 12 million barrels a day during the week ended February 15 of 11.9 million bpd the previous week.
By Tsvetana Paraskova for Oilprice.com
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