Oil Prices Up On Trade Optimism

Friday, February 22, 2019


Oilprice.com

Oil prices are set to end the week up for the second week running, with both trade sentiment and production cuts adding bullishness to oil markets.

Friday, February 22, 2019

Oil is set to close out another week of gains, this time juiced by optimism over the U.S.-China trade negotiations. But the gains are also coming because OPEC+ is taking supply off of the market. “Saudi Arabia is delivering on the cuts it pledged, and I have no doubt they’ll deliver on pledges to do more,” said Bjarne Schieldrop, Oslo-based chief commodities analyst at SEB AB. “It was a production boost from OPEC and an equity sell-off that pushed oil down during the fourth quarter, and now as both of those elements are in reverse prices are going up.”