Oil steadies after brief slide on Trump's US-China trade comments

Content image- Phnom Penh Post

Furthermore, the volatility of oil prices can be traced to the lingering trade agreement between the US and China, causing growing trade tension globally.

Brent crude futures rose 5 cents to $60.97 a barrel by 11:18 a.m. EST (1618 GMT).

The Organization of Petroleum Exporting Countries and its allies, who will gather in Vienna in the coming days, are poised for a debate about some nations' lax implementation of production cuts. West Texas Intermediate (WTI) futures rose 91 cents, or 1.7%, to $56.08 a barrel, having risen by more than $1 earlier.

Limited recovery on Monday, following last Friday's 5% drop and today's action holding in red, increases risk of extension of pullback from recent tops at $58.67/62.

Business a.m learnt that OPEC and its allies are in talks to further increase the existing supply cut of 1.2 million barrels per day (bpd) by 4,000 bpd with an extension till June 2020.

Also, the Saudi government is on the verge of putting out a strategy into the market to woo investors before the initial public offering of its oil company, Saudi Aramco.

The factors behind this view included a large increase in production from legacy non-OPEC projects and a still uncertain outlook for demand growth, it added.

Court ruling allows House to enforce subpoenas demanding Trump's tax returns
Trump, who's fought for years to keep detailed personal and business finances secret, sued the banks to block them from complying.

OPEC and its allies, including Russian Federation, are to meet on Thursday and Friday in Austria's capital Vienna to discuss the glut of supply in the global oil market and low oil demand around the world.

OPEC and other major oil producers are expected to agree to deepen output cuts to 1.5 million barrels per day (bpd) to the end of 2020 from 1.2 million now to help reduce a global supply overhang, JPMorgan said in a note on Tuesday.

Concerns about the inability of the United States and China, the world's two biggest oil users, to reach a preliminary deal to resolve their 17-month trade dispute also weighed on oil prices, along with discouraging U.S. economic data.

It remains unclear if there is consensus within the group to achieve a deeper cut.

United States crude inventories probably shrank by 1.5 million barrels last week, according to a Bloomberg survey.

While OPEC may cut output, U.S. producers have been happy to meet any market shortfalls with record-setting output.

Related News:

  • Liverpool vs Everton Betting Tips and Predictions

    Liverpool vs Everton Betting Tips and Predictions

    Against Everton , who ended Leicester's run of four league clean sheets when Richarlison headed them in front, they have to graft. In any good team you have to have that. "Remember we don't have to speak about quality and quality differences, ".
    Klopp ignoring Liverpool's lead at the top

    Klopp ignoring Liverpool's lead at the top

    Liverpool's win over Brighton this afternoon came at a cost, as the Reds lost first-choice shot-stopper Alisson to suspension. Alisson was dismissed for handling outside his area and his replacement Adrian was caught out by the quick-thinking Dunk.
    Red Wings drop ninth in row as Alex Ovechkin gets hat trick

    Red Wings drop ninth in row as Alex Ovechkin gets hat trick

    Georgiev made 11 saves in the first period, 10 in the second and 12 in the third to get New York's first shutout of the season. The first-line winger blocked Shea Weber's slap shot with his back before beating an out-of-position Elliott.
  • Qualcomm Announces Snapdragon 865 and 765

    Qualcomm Announces Snapdragon 865 and 765

    And yes, there's good news if you liked the thought of Qualcomm's in-screen fingerprint reader but thought it needed work. On the gaming front, Katouzian says to expect a 25% increase in graphic performance from last year's Snapdragon 865 .
    Patriots waive kicker Kai Forbath, claim defensive tackle Albert Huggins

    Patriots waive kicker Kai Forbath, claim defensive tackle Albert Huggins

    Gostkowski, who has won three Super Bowl titles with the Patriots, is expected to be available to return for the 2020 season. They rank No. 4 out of the six teams now occupying an AFC playoff spot in field goals made from 40 yards or beyond.
    Typhoon Kammuri lashes Philippines, forcing thousands to evacuate

    Typhoon Kammuri lashes Philippines, forcing thousands to evacuate

    As of Monday, windsurfing was halted as a precaution and triathlon and duathlon events were held earlier than scheduled. Organisers hope more than 500 million viewers will tune in on TV by the end of the competition on December 11.
  • Student, Officer Injured in Another High School Shooting

    Student, Officer Injured in Another High School Shooting

    An armed student at Oshkosh West High School in Wisconsin confronted a school resource officer on Tuesday, according to police. The incident occurred just a week after a threat of school shooting was found on a bathroom mirror at Laguna Middle School .
    Irish 'ISIS Bride' Arrested on Return to Ireland From Turkey

    Irish 'ISIS Bride' Arrested on Return to Ireland From Turkey

    Members of Ms Smith's family were at Kevin Street garda station in Dublin to support her yesterday while she was being questioned. She was not in custody for the four-and-a-half-hour journey but gardaí were waiting at Dublin Airport for the plane's arrival.
    'Doctor Who' Gets Season 12 Premiere Date - Jodie Whittaker Returns

    'Doctor Who' Gets Season 12 Premiere Date - Jodie Whittaker Returns

    Starting with a blockbuster, action-packed two-part episode entitled Spyfall , the Thirteenth Doctor is well and truly back with a bang.
  • Auto  plows into children outside school near London

    Auto plows into children outside school near London

    Harman said police have launched a search for a local man, 51-year-old Terry Glover, in connection with the attack. Helen Gascoyne, the school's head, said the community is "devastated" by the death of one of its students.
    Best Cyber Monday 2019 Deals

    Best Cyber Monday 2019 Deals

    Shutterfly is offering up to 75% off on all personalized holiday cards until December 3, using code TWENTYFIVE at checkout. The August Smart Lock is available at almost $100 off on Cyber Monday, December 2 only.
    Ballon d'Or 2019 victor  leaked?

    Ballon d'Or 2019 victor leaked?

    Virgil van Dijk should win the 2019 Ballon d'Or, says "Messi's number one fan" Steven Gerrard . Van Dijk finished second behind Messi at FIFA's The Best Awards in September.


Most liked

USA threatens 100% tariffs on certain French goods
Asked if the NHS should be on the table in trade talks, Mr Trump said: "No, not at all, I have nothing to do with it". French Finance Minister Bruno Le Maire said the us tariff threat is "simply unacceptable".

Kendall Jenner emphasizes strong bond with Caitlyn
Adele said she and Caitlyn Jenner had been "on the same page" from the beginning, because they were part of the LGBT community. Caitlyn married Khloe's mom Kris Jenner in 1991, and acted as a step-parent to Kim , Kourtney , and Rob Kardashian .

K-pop star Cha In Ha found dead aged 27
The actor is now on screens alongside Oh Yeon-seo and Ahn Jae-hyun in drama Love With Flaws that is being aired on South Korea. The Sun reports that the 27-year-old Surprise U band member passed away suddenly at his home, according to his shocked bosses.

Marvel’s new ‘Black Widow’ trailer teases the spy thriller Natasha Romanoff deserves
The film has Scarlett Johansson reprising her role as the badass SHIELD agent and former Russian spy Black Widow . Romanoff exclaimed, to which Barton replied in deadpan fashion, "You and I remember Budapest very differently".

10 years since Messi won his first Ballon DOr
This time we only saw Karim Benzema shortlisted in the 26th position, clearly the best Real Madrid player during the last months. Messi is expected to win the award after following up a stellar 2018/19 season with ten goals in 13 appearances for Barcelona .

Melania Trump’s 2019 White House Christmas Decorations Showcases the Spirit of America
Louis Gateway Arch stand next to a Ginger Bread White House in the State Dining Room of the White House Dec. 2, 2019. The Pences also have a 70-pound gingerbread replica of their government-provided home on display for guests.

FBI Warns Smart TVs Might Be Spying On You On Cyber Monday
Smart TVs connect to the Internet, allowing you to stream content from online services like Netflix and Hulu directly to your TV. A worst-case scenario could see bad actors take control of these TVs to listen and watch owners without their knowledge.

Ashrita Shetty marries cricketer Manish Pandey in a traditional ceremony; see pics
Compared this to eliminate a day later he got married. "Wish you both all the happiness in the world". Wish you both a lifetime of attractive moments and happiness".

Filming for the Avatar Sequels Ends in New Zealand for 2019
Specifically, one fan chose to use Twitter and ask the Avatar Twitter account if the Avatar trailer would be coming any time soon. Kate Winslet , Cliff Curtis, Oona Chaplin, Edie Falco, Brendan Cowell, Michelle Yeoh, and Jemaine Clement are also on board.

Mauricio Pochettino provides update on future amid Arsenal links
And the comments Pochettino has made will have Arsenal and United chiefs thinking carefully about their next move. Speaking to Football London , Mourinho said: "Dele, I don't need to speak about".

Team Matches Best Start In Franchise History
The Lakers also got to rest their stars LeBron James and Anthony Davis , as they were up by 26 heading into the fourth quarter. The Mavs eliminated a deficit at half-time in 28-5 to open the second half, destroying the strong defense of the Lakers .

Read the full text: Republican report on impeachment inquiry
The Republican-controlled Senate, where any impeachment trial would be held, is highly unlikely to vote to oust Trump. The evidence does not support that President Trump withheld U.S.

Rivers on way to bench?
The Chargers go on the road next Sunday to face the Jacksonville Jaguars in a battle of 4-8 teams. The Chargers had just tied the game on a lengthy field goal with 14 (!) seconds left.

Haters Came for Dwyane Wade's Son, and Wade Hit Back
Keep doing what you doing. "You are a great father and role model!" Say it louder for the people in the back row. Dwyane Wade and Gabrielle Union have been vocal about their thoughts on the importance of inclusivity before.

Prince Harry and Meghan pay tribute to 12 'Christmas' charities
This Christmas is Meghan and Harry's first with their son Archie, who was born in May. On Friday, Meghan and Harry wished their followers on Instagram a Happy Thanksgiving.