Forex Marketz Daily Forex News – Fully Markets Update
Crude oil futures inched higher during the Asian trade session on Tuesday. Oil traders are digesting commentary from Russia’s energy minister, Alexander Novak. He said that Russian cooperation with OPEC is helping to support the oil markets.
Traders will also be watching U.S. inventory levels which are projected to show a second week of declines.
OPEC, with their non-member allies led by Russia have been reducing production to support prices. Novak said, overnight in an interview, that this will continue as long as it is “effective and brings results.” He added that cooperation with OPEC will continue for as long as “the market requires it.”
As of 1 am GMT, the international crude oil futures benchmark, Brent, was up seven cents to trade at $66.46 a barrel.
U.S. West Texas Intermediate (WTI) crude oil futures contract was also trading higher. This contract added four cent to fetch $60.56 a barrel.
Crude Oil Traders Monitor Brexit and U.S. – Sino Trade Talks
The British Parliament, has passed the Withdrawal Agreement Bill. This bill is raising fears, among traders, of a hard Brexit. The United Kingdom is set to leave the European Union by the end January and have set a hard date to fully leave with or without a negotiated free trade agreement by the end of 2020.
Because of Brexit, Scotland is also signaling that they want to hold a second referendum to leave the Monarchy.
Trade talks between the U.S. and China continue. Headlines surrounding the status of the preliminary trade accord are still a bit scarce and lacking details. There are also increased political tensions between the two economic powerhouses that could derail trade talks. China is not very happy that the United States is interfering with Hong Kong and Taiwan.
In recent trade commentary, the U.S. President says that China and the U.S. are very close to meeting and signing this “phase one” trade deal. Recent commentary out of China indicates that they willing to reduce tariffs on some goods.
