Oil prices extended gains on Friday, scaling three-month highs as the United Sta...
SINGAPORE - Oil prices 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 LCOc1 climbed 48 cents, or 0.8%, to $64.68 a barrel by 0221 GMT, its highest since Sept. 23. 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.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.
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 and its allies to deepen output cuts.
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