Oil at its highest in three months

A Sinopec oil tanker approaches cargo vessel Dongtai Baoze, left, berthed at an anchorage off Zhoushan port to supply it with bunker fuel, in Zhejiang province, China. Picture: REUTERS/STRINGEROil prices extended gains on Friday, scaling three-month highs as the US and China moved closer to a resolution to the 18-month trade war between the world’s two biggest economies that has raised big questions about global demand for crude.

“Risk appetite ran wild after Trump signalled the he made a deal with China and that will only be positive for global demand forecasts for crude,” said Edward Moya, senior market analyst at Oanda. “If we see even further progress with the US-China trade war, we could see global GDP rise by half a percentage point in 2020 and that would do wonders for crude demand forecasts,” said Moya.

Looking further ahead, an International Energy Agency report on Thursday pointed to future pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by the Organization of the Petroleum Exporting Countries and its allies to deepen output cuts.

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