WTI Crude Oil Prices Get a Boost on Hopes for OPEC Production Cuts, US-China Trade Deal
WTI crude oil prices edged higher early on Friday over renewed optimism for additional production cuts by OPEC in its upcoming meeting in December. At the time of writing, WTI crude oil is trading at around $57.06 per barrel.
On Thursday, OPEC stated that it anticipated a slowdown in demand for crude oil in global markets in 2020. This boosted expectations for the leading oil producers to consider deeper cuts in crude output to counter weakening demand. Earlier this year, OPEC and allies had started to curb production by 1.2 million bpd to offset decline in crude oil prices until March 2020.
WTI crude oil is also trading bullish on recent comments from White House Chief Economic Adviser Larry Kudlow on the US-China trade deal. Kudlow confirmed on Thursday that both nations were getting closer to signing a trade deal after constructive discussions between trade teams.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals