U.S. crude +4% on U.S.-China trade truce, Russia-Saudi to renew OPEC pact
Seeking Alpha
Published Dec 02, 2018 09:11PM ET
U.S. crude +4% on U.S.-China trade truce, Russia-Saudi to renew OPEC pact
- Crude oil prices rocket higher after the U.S. and China announced the truce in their trade conflict and Russian Pres. Putin says the country and Saudi Arabia agree to extend OPEC’s efforts to stabilize oil markets; WTI crude +4% to $53/bbl, Brent +3.6% to $61.63/bbl.
- The U.S. and China agreed during the G20 meeting over the weekend not to impose additional trade tariffs for at least 90 days while the two countries hold talks to resolve their disputes.
- Crude oil has not been included in the list of hundreds of products each side has hit with tariffs, but traders say the positive sentiment of the truce was lifting crude markets.
- Putin says there is no final decision yet on how much production it would cut, indicating that challenges still remain.
- OPEC's technical advisors reportedly have recommended production cuts of 1.3M (NYSE:MMM) bbl/day next year.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, ERYY, ERGF, OILD, OILU, USAI
- Now read: Energy Recap: Quick Hits - Energy News For The Week Ended Nov. 30, 2018
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