Signs of progress in the talks between Washington and Beijing and the likelihood of signing a trade deal as early as next week boosted factories’ output and Chinese manufacturing activity expanded for a second straight month. WTI Crude is $61.08; Brent is $66.04 this morning.
Prices are likely to remain rangebound in 2020 as swelling supplies, particularly from the United States, offset cuts from OPEC and weakening worldwide demand, say brokers and analysts. WTI Crude is $61.94; Brent is $68.75 this morning.
The Energy Information Administration is forecast to report a second weekly decline in crude stockpiles. American inventories are shrinking even as the nation pumps oil at near-record levels and shale explorers boost drilling. WTI Crude is $61.87; Brent is $68.07 this morning.
Oil has surged 35% so far this year as the world’s two largest economies made a breakthrough on an initial trade deal. OPEC extended their agreement to reduce output, while oil production growth in the U.S. tapered off and stabilized at a lower level. WTI Crude is $61.15; Brent is $67.27 this morning.
Goldman Sachs Group Inc. increased its estimate for Brent crude to $63 a barrel from $60, according to a note from analysts pointing to a tighter inventory path than was previously expected, primarily through first-half of 2020. WTI Crude is $60.80; Brent is $66.78 this morning.
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