Oil climbs, lifted by U.S.-China trade deal hopes, OPEC cuts

TOKYO - Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-U.S. trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode.

“Oil prices continue to show year-end strength supported by a combination of definitive progress on the U.S.-China trade deal, the Dec OPEC/OPEC+ agreement, and slowing shale activity,” said Stephen Innes, chief Asia market strategist at AxiTrader. U.S. President Donald Trump said on Tuesday he and Chinese President Xi Jinping will have a signing ceremony for the so-called Phase 1 agreement to end their trade dispute that was put together earlier this month.

Lower demand also rendered supply cuts by the Organization of Petroleum Exporting Countries and allies including Russia less effective in supporting the market.

Sometimes you still want to read news except China and their trading affairs

Uh, because Trump's pulling your leg again like with infrastructure and an aca replacement plan that doesn't suck? Invest in it if you want. Just stop lying to yourselves. I'll believe Trump has a deal when China shows it to us.

fantastic to see that killing the planet is so profitable

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