Crude Oil Futures Remain Stable as Markets Wait for Trade Developments Between the Two Countries

Singapore –
Crude oil futures were broadly stable on Monday in the middle of the morning, as markets awaited the latest developments in the US-China trade dispute, while bullish data on the supply-side bid price maintenance.

At 10:30 am Singapore time (0230 GMT), ICE's April Brent crude futures contracts fell 4 cents / b (0.06%) from Friday to $ 67.08. / b, while the April NYMEX light crude contract fell 3 cents / b (0.05%) to $ 57.23 / b.

On Sunday, US President Donald Trump tweeted that he would delay the expiration of the tariff increase on China, citing "substantial progress", during a week of negotiations. in Washington between officials from both countries.

"The sentiment has been reinforced by the positive signals from the US-China trade talks," ANZ badysts said Monday.

"Fresh news on the expected summit with President Xi Jinping, however, invites a new wave of questions President Donald Trump noted that" significant structural problems, including intellectual property protection, technology transfer , agriculture, services and money "were among the topics discussed in trade negotiations," said Pan Jingi, market strategist at IG.

"These are some of the most difficult questions to answer, which begs the question of the side that has given way to the badumptions that the US is losing. this day remains to stimulate the markets, "she added.

The two sides have yet to sign a formal agreement on extending the deadline, which will expire on March 1, badysts said.

At the same time, oil rig data for the week ended February 22 dropped from four to 853, according to Baker Hughes data released on Friday.

Elsewhere, market players should monitor the evolution of US sanctions against Venezuela. US Vice President Mike Pence is due to travel to Colombia on Monday to strengthen the Trump government's push for a regime change in Venezuela, while the United States punishes the oil company PDVSA. enter their fifth week.

Pence's visit comes as Maduro ordered the closure of Venezuela's border with Brazil. According to him, the latest attempt to block deliveries is an attempt to destabilize his government.

In Bogota, Pence "will make it clear that the time has come to [Venezuelan President] Nicolas Maduro to withdraw, "said the White House in a statement Thursday.

At 02:30 GMT, the US dollar index was down 0.07% to 96.33.

– Avantika Ramesh, [email protected]

– Posted by Norazlina Juma at, [email protected]