International: Al Furat News: Oil prices remained above their highest levels in three months on Thursday, to continue a series of strong rally that started a week ago, at a time when global markets were supported by a breakthrough in trade relations between the United States and China.

By 0645 GMT, Brent crude futures rose eight cents to $ 66.25 a barrel, while West Texas Intermediate U.S. crude increased four cents to $ 60.97 a barrel. Trading volumes were meager, as he was unable to even report on the accountability of US President Donald Trump to move the oil market.

This trend puts oil prices towards the rise for the third week in a row, to move thanks to the impetus resulting from this month’s announcements on increasing oil production cuts by major producers as well as the ‘stage one’ agreement between the states United and China to end their long-running trade war.

The agreement between the two largest economies in the world pushed the outlook for the global economy to improve, raising the prospects for increased energy demand next year and supporting oil prices.

In another sign of a breakthrough in relations, the Chinese Ministry of Finance on Thursday published a new list of six US products that will be exempt from customs duties as of December 26.

Last week, the Organization of the Petroleum Exporting Countries and non-OPEC producers such as Russia agreed to increase oil production cuts by 500,000 bpd from January 1, in addition to previous cuts of 1.2 million bpd.

According to weekly data released by the US Energy Information Administration on Wednesday, US oil inventories fell 1.1 million barrels in the week ending December 13, while gasoline and distillate inventories rose.

News Source: https://alforatnews.com/