Oil Price - Oct 16
Posted: Wed Oct 16, 2019 8:41 am
WTI is up 17c to $52.98/Bbl, and Brent is up 5c to $58.79/Bbl.
Natural gas is up 1.9c to $2.358/MMBtu.
Natural gas is up 1.9c to $2.358/MMBtu.
(Bloomberg) -- Crude oil prices climbed as U.S. President Donald Trump signaled a trade deal with China might be coming soon.
Futures rose as much as 1.6% on Wednesday in New York. President Trump said a trade deal with China will probably not be signed until a November meeting with Chinese President Xi Jinping at the APEC summit in Chile. Meanwhile, a weaker dollar also helped support the price of oil.
“The encouraging headlines surrounding the U.S.-China trade war and Brexit, seem more optimistic,” said Pavel Molchanov, a Houston-based analyst at Raymond James & Associates Inc. “In that sense, it’s perfectly reasonable for oil prices to show a bit of a bounce.”