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By Jim Hyerczyk – January 19, 2019, 6:00 pm CST
Brent crude futures are trading higher on Friday, putting the two markets in a close position for the week. Markets are also able to change the trend to register on the daily chart after posting a rise in the contraction trend for almost a month.
Rising prices on hopes of trade agreements
The catalysts of the recovery are the hope for a US-China trade agreement and adherence to the OPEC-led plan to reduce production, reduce excess supply in the global market and to stabilize prices.
Perhaps price control remains a concern in the face of rising US production and declining global demand.
After mainly side trading earlier this week, crude oil prices were the subject of a bid Friday in reaction to an article in The Wall Street Journal that says Treasury Secretary Steven Mnuchin, had launched the idea of reducing tariffs on Chinese products. This adds to the success of the mid-term negotiations that took place earlier in the month and the highly anticipated high-level negotiations tentatively scheduled for 30-31 January.
At the moment, the reactions to the report published in the WSJ are just speculation since Treasury officials told CNBC that there was "no discussion on lifting tariffs for the moment". crude oil market.
The OPEC report provides additional support
The recovery of crude oil at the end of the week is also supported by a …
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