Petrol in search of balance after the US -China meeting – Cyprus Newspaper
Oil prices watched horizontal, waiting for more details of investors’ trade talks.
Oil prices, the US and China’s two -day negotiations after the « important progress » reported that after the report, investors watched the horizontal waiting for more details of trade talks.
Brent oil was traded around $ 64 per barrel, while the US crude oil was traded around $ 61. Following the talks in Geneva, US Treasury Minister Scott Bessent and Trade Representative Jamieson Greer said they were hopeful of progress and they would share more information on Monday. Chinese authorities made similar positive statements.
Crude oil prices, although OPEC+ increased production, US President Donald Trump’s trade war will weaken economic growth, concerned at the beginning of the last month after the harsh decline. However, the futures are still low in the middle of the mid -January compared to one -fifth compared to the summit. Because the expectations that the demand will fall and the supply will increase increases the concern that surplus supply may occur later in the year.
Analyst Analyst Gao Jian from Qisheng Futures said, “The tariff issue can be solved fundamentally and the extent to what extent the tension will decrease, this is still waiting to be verified. Unless more concrete and positive developments are seen on the macro, basic data or geopolitical facades, the potential of oil prices will be limited.”
Geopolitical tensions continue. The US and Iran will continue negotiations on Iran’s nuclear program after negotiations on Sunday, defined as “encouraging” by Washington and “compelling but useful by Tehran. Last week, the US imposed a third oil refiner in China on the grounds that it facilitated Iranian oil trade.
