Oil gains ahead of U.S.-China trade deal, snapping four-day declines

Oil prices rose above $64.50 a barrel on Tuesday, snapping four straight days of...

LONDON - Oil prices rose above $64.50 a barrel on Tuesday, snapping four straight days of declines on easing Mideast tensions as the United States and China, the world’s top energy consumers, prepared to sign a preliminary trade deal.

The outlook for oil demand was supported ahead of the signing at the White House on Wednesday of a Phase 1 U.S.-China trade deal, which marks a major step in ending a dispute that has cut global growth and dented demand for oil. “This year, however, the pace is expected to pick up again and is to average at 1.25 million bpd... In case of a trade deal upward revisions can be anticipated,” Varga said.

The recent declines followed investors unwinding bullish positions built following the killing of a senior Iranian general in a U.S. air strike in Iraq on Jan. 2 which sent oil prices to a four-month high, said Harry Tchilinguirian, global oil strategist at BNP Paribas in London.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Reuters /  🏆 2. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil dips on easing U.S.-Iran tensions, eyes on China trade dealOil prices edged down on Monday as fears of conflict between the United States a...
Read more »

US-China trade agreement: Trump administration drops designation of China as currency manipulatorThe preliminary pact that both sides are set to sign includes a section that's intended to prevent China from manipulating its currency to gain trade advantages.
Read more »

Oil prices dip as Mideast tensions ease; market eyes trade dealOil prices edged lower on Tuesday as receding Middle East tensions took some hea...
Read more »

U.S., Japan, EU to meet on China ahead of Wednesday trade deal signing: USTRTop trade officials from the United States, Japan and the European Union will hu...
Read more »

China dropped from US currency manipulator list ahead of trade deal signingThe United States stripped away its designation of China as a currency manipulator days before President Donald Trump and senior Chinese officials are expected to sign an initial trade deal.
Read more »

The real price of Occidental's 'costless' oil hedgeA Reuters review of regulatory filings, market data and interviews shows the real price of Occidental's 'costless' oil hedge by Devikakrishnak davidj_french
Read more »