Forex Marketz Daily Forex News – Fully Markets Update
Crude oil futures contracts kicked the new trade week, during the Asian trade session, higher on positive trade headlines.
Trade commentary, over the weekend, from the United States and China were positive. This boosted overall market sentiment, which in turn, was good for the cyclical and sentiment linked oil commodity.
While still leery, traders are starting to see some progress with negotiations which could lead to a preliminary trade agreement being signed by the end of the year.
By 2:25 am GMT, the West Texas Intermediate (WTI) crude oil futures contract was trading higher. This contract added ten cents, or 0.17 percent to trade at $57.87 a barrel.
The WTI contract ended last week around the flat line as traders were monitoring global trade and other economic data.
The international futures benchmark, Brent crude oil was up 0.11 percent or seven cents to trade at $63.46 a barrel. Last week, this crude futures contract was also virtually flat.
Crude Traders Monitor Positive Trade Headlines
Sentiment was broadly higher, Monday morning during the Asian session. This improvement is thanks to some positive trade commentary between the United States and China.
Over the weekend, China announced plans to improve intellectual property rights. This has been a key sticking point between the two largest economies towards a preliminary trade agreement.
On Friday, China’s President Xi Jinping said he wants to reach a trade accord with the United States. President Donald Trump, for his part, said that progress towards a trade deal was moving along nicely.
On Saturday, U.S. national security adviser Robert O’Brien said that a trade deal could be signed before the end of the year.
However, rising tensions in Hong Kong capped sentiment. Recent legislation by the U.S Congress in support of pro-democracy protestors is complicating matters.
Trade talks are already moving slowly. China has warned, rather strongly, Washington DC not to mettle in internal matters surrounding Hong Kong or other issues.
