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Why oil traders are more bullish on 2020 ...News
Optimism among oil traders is rising despite mixed signals from the world’s top oil consumers, largely thanks to signs that pressure is easing between Washington and Beijing and the latter’s record-breaking oil imports. Brent crude and West Texas Intermediate have both been on a more or less steady rise for about four weeks now. During that period, OPEC+ agreed to deepen its production cuts by half a million bpd, China continued importing crude at record-breaking rates, and US industrial production rebounded in November. While not everyone was convinced that the deeper cuts will make much of a difference if not everyone in OPEC and out
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