Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-U.S....
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.
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