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Oil on track for weekly gains on trade talk hopes, OPEC-led supply cuts


Friday, 11 January 2019 14:13 WIB

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Oil prices were on track for solid weekly gains on Friday after financial markets were lifted by hopes the United States and China may soon resolve their trade disputes, and as OPEC-led crude output cuts started to tighten supply.

Despite this, markets were held in check by expectations of an economic slowdown in 2019.

International Brent crude futures were at $61.59 per barrel at 05:55 GMT, down 9 cents, or 0.15 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were 4 cents below their last settlement, at $52.55 per barrel.

Brent and WTI are set for their second week of gains, rising nearly 8 percent and 10 percent respectively.

Markets were being supported by hopes that the trade war between Washington and Beijing may be resolved soon after officials said three-day talks this week concluded constructively and that further negotiations would likely follow this month.

Source: Reuters


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