Brent scales three-month high on trade hopes

Economies.com
2019-02-18 13:55PM UTC

Brent maintained its gains in American trade for the fifth straight session, marking 2019 highs on hopes for a US-China trade deal. 

 

As of 13:50 GMT, Brent rose to $66.40 a barrel, with a session-low at $65.88, and the highest since November 20 at $66.81. 

 

Brent rose 2.4% on Friday, the fourth profit in a row on rising hopes in most markets. 

 

Oil marked a 6.5% profit last week, the second weekly profit in three, and the largest since June 2018. 

 

President Trump said he'd be happy to cancel tariffs if a deal is reached with China, adding his administration is nearer that goal than ever. 

 

Chinese President Xi Jinping also said the talks will carry on in Washington this week, hoping for an agreement soon before the truce deadline in early March. 

 

Russian energy minister Alexander Novak said the political crisis in Venezuela could weigh on the global oil market, but asserted no plans to amend the recent deal with OPEC to cut output by 1.2 million bpd. 

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