• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      February 25, 2021

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      February 25, 2021

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      February 25, 2021

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      February 25, 2021

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

      Nigerian engineers to manage world’s largest single train refinery

      21 hrs

      Frontpage

      NNPC, again, denies FG planning increase in fuel price this month

      21 hrs

      Frontpage

      Nigeria, amid challenges to gas-to-power drive, needs to build institutional capacity – experts

      March 1, 2021

      Oil and Gas

      REA delivers 100kW hybrid solar mini grid to Edo community

      February 25, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      The bull run still has legs despite inflation concerns

      March 1, 2021

      Analyst Insight

      Incorporating three lines of defence in data privacy schemes

      March 1, 2021

      Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      February 25, 2021

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

US-China Trade War

Oil prices rises new confidence surrounding U.S.-China trade deal builds up

November 7, 2019402 views0 comments

Kenneth Afor  

Read Also:

  • Jumia’s road to profitability steady as gross profit rises 22% to €92.8m in FY20
  • Zenith Bank in strong operational performance as profit rises 10.4% to…
  • Nigeria’s reserves down $1.38bn in 30 days amid rising oil prices
Oil prices rises new confidence surrounding U.S.-China trade deal builds up

Oil prices in the international market on Thursday bounced back to high trading as investors’ confidence in the ongoing United States and China trade deal rejuvenates. This boost brings relief to the downward pressure in an increased stockpiles of U.S. crude oil.

Brent crude futures surges by 33 cents at 0.5 percent for $62.07 per barrel after cruising a little above $1.22 per barrel at 2 percent on Wednesday.
Investors at the West Texas Intermediate (WTI) witnessed crude futures rose to 37 cents at 0.7 percent, from the last session on Tuesday, oil prices was at 88 cents lower by 1.54 percent which ended at $56.72 per barrel.

However, the Chinese government through its commerce ministry on Thursday noted that it’s keen for both countries to come to terms by quashing some of the existing tariffs slammed on each other’s import-bound goods for the possibility of reaching a ‘Phase One’ trade deal.
Invariably, the Chinese stand on trade conditions revived the market after data released shows that U.S. crude stockpiles plummeted to 7.9 million barrels last week which followed by a cut in output as well as a fall in its exports.

Meanwhile, other crude oil prices, gasoline and distillate inventories dipped by 2.8 million barrels and 622,000 barrels respectively.
Market analyst, Stephen Innes, argued that the reason for the ups and downs from oil inventories was due to the sanction by the U.S. on the Chinese tanker firm involved in conveying crude oil from Iran late last September.

He said, “The inventory builds and drops in exports are likely related to the COSCO sanctions.”

However, as the U.S. crude exports fell nearly 1 million barrels last week to 2.4 million barrels per day, the bone of contention which would be a key determinant factor in the international market is tension surrounding the protracted trade dispute between both countries.
According to sources from a close associate to Donald Trump, business a.m gathered that the long-awaited signing of the trade deal between the U.S. president and the Chinese leader could be stretched further till December as both countries are undecided on terms and meeting place.  
The associate also added that reaching a ‘Phase One’ deal is still possible but it is better than not having a deal at all.

However, the Chinese government through its commerce ministry on Thursday noted that it’s keen for both countries to come to terms by quashing some of the existing tariffs slammed on each other’s import-bound goods for the possibility of reaching a ‘Phase One’ trade deal.
Invariably, the Chinese stand on trade conditions revived the market after data released shows that U.S. crude stockpiles plummeted to 7.9 million barrels last week which followed by a cut in output as well as a fall in its exports.

Meanwhile, other crude oil prices, gasoline and distillate inventories dipped by 2.8 million barrels and 622,000 barrels respectively.
Market analyst, Stephen Innes, argued that the reason for the ups and downs from oil inventories was due to the sanction by the U.S. on the Chinese tanker firm involved in conveying crude oil from Iran late last September.

He said, “The inventory builds and drops in exports are likely related to the COSCO sanctions.”
However, as the U.S. crude exports fell nearly 1 million barrels last week to 2.4 million barrels per day, the bone of contention which would be a key determinant factor in the international market is tension surrounding the protracted trade dispute between both countries.

According to sources from a close associate to Donald Trump, business a.m gathered that the long-awaited signing of the trade deal between the U.S. president and the Chinese leader could be stretched further till December as both countries are undecided on terms and meeting place.  
The associate also added that reaching a ‘Phase One’ deal is still possible but it is better than not having a deal at all.

Share on Facebook Tweet Email
TagsChina-US trade war US US crde US Trade US-China US-China trade US-China trade war
PreviousRivers state wins 2019 Lafarge Africa national literacy competition
NextFG prorogates fuel supply to stations within 20km of the borders

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • PHOTO NEWS: Nigeria receives first consignment of COVID-19 vaccine
  • MTN Nigeria leads pack of top-earning directors’ list for 2020 financial year
  • Eastern railway rehabilitation begins next week, says FG
  • MTN recovers from Covid-19 aftermath to post 15% revenue growth to N1.35trn  
  • Pandemic takes good slice off Nestle Nigeria as profit down 14% to N39.21bn

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Financial stocks lead Nigerian equities in 2017, account for 31.62% of market cap

Frontpage January 11, 2018

1
2

World stocks rise to six-month highs on optimism over U.S.-China trade, soft Brexit hopes

Frontpage April 3, 2019

3

Rice prices rise 30% on lower import figures, domestic production

Frontpage November 16, 2018

4

Oando: Court Allows Tinubu to Seek Judicial Review of SEC’s Sanctions

Frontpage June 13, 2019

5

UBA unveils further digital banking disruption with contactless transaction modes

Banking May 19, 2020

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.