More talks between the United States and China will take place in Washington on Tuesday to resolve trade differences. The market is slowly regaining its bullish footing, subject to the perception of economic risks tied to U.S.-China trade talks, say traders. WTI Crude is $56.11; Brent is $66.58 this morning.
Portfolio managers have been net buyers of Brent in nine out of the last 10 weeks, boosting their net position by a total of 130 million barrels since Dec. 4. Last week saw the largest purchases so far. WTI Crude is $55.81; Brent is $66.10 this morning.
OPEC-led supply cuts plus the announcement of a higher-than-expected cut by Saudi Arabia this week encouraged investors. WTI Crude is $54.75; Brent is $64.97 this morning.
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