Berlin conference: world leaders agree to uphold Libya's arms embargo, end military support for warring factions    Egypt's Sisi extends state of emergency for 3 months    Lebanese security forces, protesters clash for second night    Egypt's Shoukry, EU's Borrell discuss Libyan crisis    Egypt's Azhar cooperates with all religious institutions to achieve international peace : Sheikh Ahmed El-Tayyeb    UN condemns attack on Yemen camp that killed nearly 80, says it threatens peace    IDB profits reach EGP 512m in 2019    Madbouly chairs SCNW meeting on GERD's upcoming technical, legal discussions    Government to use smart technologies to promote tourism    No elections without Jerusalem: Fatah official    Quaint little hole in the wall downtown selected by CNN as Egypt's best Molokhia    Jordan parliament passes draft law to ban gas imports from Israel    Two Egyptian artists to participate in site-responsive exhibition at Medina's Al-Ula, Saudi Arabia    Libyan tribesmen say they have closed El Shahara and El Feel oilfields    Egy Lease to provide finances of EGP1bln during 2020    Harry, Meghan drop their royal titles repay £2.4 mln    International Film Music Contest accepts entries from a variety of composers, performers    Russia's Putin says he opposes unlimited presidential term    Live score: Liverpool v Manchester United (Egyptian Premier League)    Tennis: Djokovic the man to beat, again, at Melbourne Park    Honeywell, Etisalat Misr join forces to support Egypt's Smart City vision    West Ham fan protest is familiar ground for Moyes    Sisi, World Bank seeks further cooperation    Iran's Khamenei should be careful with his words: warns Trump    Parliamentary elections to be held in November: Baha Abu Shoqa    S. Korean companies keen on new industrial partnerships with Egyptian counterparts: Ambassador    No pressures imposed on Egypt to accept Washington's deal on GERD: Irrigation Ministry    Egypt's young pharaoh, TUT in Australia's Boston exhibition    Alexandria, Dekheila ports working normally despite medium rain    Iran's Khamenei stands by Guards after unrest over downed plane    Egypt's interior ministry says Mostafa Kassem received fair trial, was convicted terrorist    Egyptian actress Magda Al-Sabahi dies at 89    Egypt is best tourism destination for 2020 according to BBC    Government launches Upper Egypt's first cultural festival    Egypt names executive head of comprehensive health insurance authority – ministry    Nancy Ajram's husband charged with ‘intentional' murder    6th of October Rotary club trains undergrads for teaching literacy workshops    BBC names Egypt as best tourism destination for 2020    WHO says new China coronavirus could spread, warns hospitals worldwide    Ethiopian Dam talks to continue in Washington on Wednesday : Ministry    Mission Africa continues    Egyptian sports in 2020: challenges and opportunities    Tough Mudder obstacle course race takes place for first time in Egypt    NBE studies establishment of rowing club in Cairo    Egypt's Zamalek, Smouha presidents hit with disciplinary sanctions by EFA    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    Egypt's Sami Anan released after near two-year detention    Liverpool's Mohamed Salah optimistic to see Egypt at 2022 World Cup    







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Oil rises in 3 months as U.S.-China deal takes shape
Published in Amwal Al Ghad on 14 - 12 - 2019

Oil extended gains on Friday, scaling three-month highs as the United States 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.
Brent futures climbed 43 cents, or 0.7 percent, to $64.63 a barrel by 0426 GMT, its highest since September 23.
West Texas Intermediate (WTI) crude was up 31 cents, or 0.5 percent, to $59.49 a barrel, the highest since Sept. 16.
"Risk appetite ran wild after Trump signaled 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.
A slump in the U.S. dollar against the backdrop of a strong pound also helped to boost commodity prices, said Margaret Yang, market analyst at CMC Markets.
Mirroring investor optimism, Asian share markets jumped to multi-month highs on Friday after Wall Street surged to record highs on Thursday.
"If we see even further progress with the U.S.-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.
While a trade deal that would end uncertainty could provide a shot in the arm for oil demand in the near term, concerns continue to hover about the demand profile amid ample supplies going forward.
"Lingering doubts about demand will cap the upside on prices," said ANZ Bank in a note on Friday.
In the meantime the White House has agreed to suspend some tariffs on Chinese goods and reduce others in return for Beijing's pledge to hike purchases of U.S. farm products in 2020, sources said on Thursday.
But the White House didn't release any official statement, raising questions about whether the terms had been agreed by both sides.
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 (OPEC) and its allies to deepen output cuts.
That contrasts with OPEC's own research, which forecasts a small deficit in the market next year due to Saudi Arabia's supply restraint even before the latest cut agreement takes effect.
Elsewhere, Norway's oil output in November hit a 32-month high at 1.71 million barrels per day, the Norwegian Petroleum Directorate (NPD) said on Thursday.
"While the current (U.S.-China) trade deal will most probably limit demand devastation, it might not be enough to counter an oversupplied market in early 2020, hence the possible reason we are not seeing a massive bounce in oil prices now," said Stephen Innes, market strategist at AxiTrader.
Source: Reuters


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