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Oil rises but US-China trade war weighs on demand outlook


Wednesday, 11 December 2019 02:54 WIB

GOLDEMAS


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Oil prices inched up on Tuesday as OPEC’s deal with associated producers last week to deepen output cuts in 2020 continued to provide a floor for prices, but U.S.-China trade tensions clouded the demand outlook.

Brent crude was up 7 cents to $64.32 a barrel, and West Texas Intermediate oil settled up 22 cents at $59.24 a barrel.

The benchmarks fell 0.2% and 0.3% respectively on Monday.

Last week, the Organization of the Petroleum Exporting Countries and associated producers like Russia agreed to deepen output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd to support prices.

However, a Dec. 15 deadline for the next round of U.S. tariffs on Chinese imports weighed on markets.

Source: CNBC


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