Oil prices were steady on Tuesday, hanging onto gains from the previous session,...
TOKYO - Oil prices were steady on Tuesday, hanging onto gains from the previous session, after comments from the United States and China kept alive hopes that the world’s two largest economies are soon to agree on ending their trade war.
“Oil prices tend to be strongly correlated to trade news flows,” said Stephen Innes, chief Asia market strategist at AxiTrader. “Optimism over trade deal remains supportive for prices.” On the supply side, the Organization of the Petroleum Exporting Countries meets on Dec. 5 at its headquarters in Vienna, followed by talks with other oil producers, including Russia, that have agreed to reduce output to support prices, a group known as OPEC+.
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