China's economy, the world’s second-largest, grew by 6.1% in 2019, its slowest expansion in 29 years, government data showed on Friday. WTI Crude is $58.81; Brent is $64.94.
The deal between Washington and Beijing promises increased Chinese purchases of American energy and defuses some of the tensions that weighed on global markets last year. WTI Crude is $57.81; Brent is $64.14.
The EIA will release official data on stockpiles later today. Analysts say the agency will report that inventories rose by 1.1 million barrels in the week ended Jan. 10. It would be the second straight increase following three weeks of declines. WTI Crude is $58.21; Brent is $64.37.
If oil prices can stick above $65 to $70, U.S. shale would be given the proverbial “shot in the arm” to better its finances. Low prices in recent years have forced the industry to slash costs and increase efficiency. WTI Crude is $58.54; Brent is $64.60.
Oil prices are back where they were in mid-December. The lack of geopolitical risk premium is partly due to supplies of U.S. shale and new crude from non-OPEC countries. WTI Crude is $59.02; Brent is $64.92.
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