Trump says US is having tremendous success with China on trade

Oil prices rise amid OPEC-led output cut last week

"Amid easing trade tension and a weaker USA dollar, crude oil prices rallied after Saudi Arabia reassured the market that its production cuts would remain in place", ANZ bank said on Thursday.

The global benchmark surged this week, as the US and China made progress in trade talks and Saudi Arabia reaffirmed its commitment to head off a supply glut.

Futures in NY have advanced 10 percent this week, as Saudi Arabia pledged that a producer coalition it's leading will keep the market in balance. Crude futures were backed as energy stocks were traded broadly higher on the day. That signals investors need reassurance that the group will curb supply sufficiently and demand will hold up.

A report released by Baker Hughes today said USA energy firms cut oil rigs for a second week in a row as more producers, like Occidental Petroleum Corp, turned conservative in their 2019 drilling plans due to uncertainty over a recovery in crude prices. -China trade talks in a positive light.

On Tuesday, crude oil prices were slightly down at the start of trading, despite reports that Saudi Arabia cut its crude exports to help boost prices.

The energy sector was one of the weaker performers Friday, gaining slightly as the streak of higher crude oil prices ended at 10 days as prices rose by 7.6 per cent for the week.


U.S. -CHINA TALKS: Official statements released after the talks, which lasted a day longer than planned, did not indicate if progress was made on a tariffs battle that has shaken financial markets.

International Brent crude futures LCOc1 were at $60.55 per barrel at 1440 GMT, down $1.13, or 1.83 percent. The global benchmark crude traded at a premium of $8.73 a barrel to WTI for the same month. Crude oil production rose by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd.

Lower oil exports from Iran since November, when USA resumed sanctions against the OPEC producer, have also supported crude.

"As long as you don't see a situation where there is a negative turn much like what we saw over the last quarter, markets will probably view any trade development, even if they're not concluded by the March 1 deadline, with modest optimism just because it reduces the downside risk to the outlook", said Mazen Issa, senior FX strategist, at TD Securities in NY. China's Ministry of Commerce said there were "detailed exchanges" and both sides would "maintain close contact", without offering specifics.

Meanwhile, dovish commentary by Federal Reserve Chairman Jerome Powell and his deputy Richard Clarida has added to positive investor sentiment. Chinese Vice Premier Liu He is likely to travel to the U.S. later this month to meet with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. They said that the central bank will be especially cautious about pushing ahead with interest-rate increases after raising them four times past year. Off-topic, inappropriate or insulting comments will be removed.

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