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Oil prices hold near $67 ahead of G20 talks, OPEC
[ENGLISH.ALARABIYA.NET] Brent crude oil held near $67 a barrel on Friday ahead of talks over the trade dispute between the US and Chinese presidents this weekend and on production cuts from OPEC on Monday.Brent crude futures were up 5 cents at $66.60 a barrel by 1350 GMT. US West Texas Intermediate (WTI) crude futures were down 22 cents at $59.21 a barrel. Brent was on course for a gain of around 25 percent in the first half of 2019 and WTI for a 30 percent gain. The leaders of the G20 countries meet on Friday and Saturday in Osaka, Japan, but the most anticipated meeting is between US President Donald Trump  ...New York real estate developer, described by Dems as illiterate, racist, misogynistic, and what ever other unpleasant descriptions they can think of, elected by the rest of us as 45th President of the United States...and Chinese President Xi Jinping on Saturday. A trade war between the world’s two biggest economies has weighed on prices, fanning fears that slowing economic growth could dent demand for oil. Trump said on Wednesday a trade deal with Chinese President Xi was possible this weekend but he is prepared to impose US tariffs on most remaining Chinese imports should the two countries disagree. "The next few days will provide a much-needed dose of clarity for the oil balance over the coming months," PVM’s Stephen Brennock said in a note. "Market bulls will be (hoping) that the G20 summit will provide a trade breakthrough ... All the while, the supply side of the oil coin continues to display bullish signals," he added. The Organization of Petroleum Exporting Countries and some non-members including Russia, known as OPEC+, will hold meetings on July 1-2 in Vienna to decide whether to extend their supply cuts. Posted by: Fred 2019-06-29 |
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