These concerns are large enough to overwhelm news about the possibility that the Organization of the Petroleum Exporting Countries (OPEC) and non-bloc producers will extend a plan to cut production, which has helped drive up prices. than in the previous session.
This session, the price of Brent North Sea oil delivered in maturity decreased by 0.53% (equivalent to 34 US cents) to 63.63 USD / barrel, while the price of US light sweet crude oil (WTI) also retreated by 0.53% (31). US cents) to US $ 58.27 per barrel.
Market strategist Michael McCarthy at investment brokerage firm CMC Markets said the main factor affecting oil prices was the US-China trade talks.happenning. The expert also noted that with oil prices around the peak in recent sessions, it is not surprising that there were some selling pressure today.
A Wall Street Journal report on November 21, citing an unnamed source, said China had invited senior US trade negotiators to join a new round of direct talks in Beijing, as the two sides continued their efforts. force to at least reach a limited deal.
According to this information, Chinese Deputy Prime Minister Liu He invited US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to attend the meeting in Beijing. China hopes the new round can take place before Thanksgiving in the US (November 28).
In addition, China’s Ministry of Commerce also announced that Beijing will try to reach a "Phase 1" trade agreement with the US to end the long-running trade war between the two countries. This alleviates concerns that negotiations may not be successful.
However, observers believe that the completion of the "Phase 1" trade agreement between Washington and Beijing could be extended to next year.
Earlier, on Nov. 21, oil prices hit their highest level since late September when Reuters reported that OPEC and non-bloc oil producers, including Russia, could extend the deal. an additional three months. Expected at the meeting on December 5, the parties will accept lower production until mid-2020.
