Oil Price Forecast - Feb 24

[dan_s]

West Texas Intermediate crude tacked on 30 cents, or around 0.5%, to settle at $57.26 a barrel by close of trading on Feb. 22. WTI earlier rose to its strongest level since Nov. 16 at $57.81. For the week, the U.S. benchmark rose about 3%.

Meanwhile, International Brent crude oil futures ended Friday's session up 5 cents at $67.12 a barrel. It touched a more than three-month high of $67.73 earlier in the day.
Brent prices saw a gain of about 1.3% on the week.

This week:
> Oil Traders will be watching for any developments on the U.S.-China trade front this week, as the two sides race to strike a deal ahead of a March 1 deadline on new tariffs. The U.S. and China are the world’s two largest oil consuming nations. Hopes that the two sides can hammer out an agreement resolving their protracted trade war helped to ease worries about energy demand. < IMO any agreement to end the "Tariff War" will push WTI over $60/bbl. Most likely is an agreement to extend the deadline another month.
> Weekly inventory reports are always watched closely.
> Saudi Arabia needs $75 Brent to balance their budget. They are pushing hard to get all OPEC+ members to lower production.
> Some are anticipating escalating protests in Venezuela this week.
> Iran sanction wavers expire in early May.
> Supply disruptions continue in Canada & Libya.

Read this: https://finance.yahoo.com/news/oil-pric ... 00716.html

[dan_s]

Trump could let trade deadline slide. Press reports suggest that the U.S. and China are making progress on trade negotiations, and President Trump has indicated he would be willing to let the talks continue past the March 1 deadline if progress was significant. Trump is expected to meet with China’s vice premier and top trade negotiator on Friday. There are still thorny issues that will be difficult to solve, but markets are welcoming the potential breakthrough in trade talks.