News Oil 

Goldman Sachs to stop financing new drilling for oil in Arctic

“Goldman Sachs has ruled out future financing of oil drilling or exploration in the Arctic and said it would not invest in new thermal coal mines anywhere in the world” writes Stephanie Kirchgaessner for theguardian.com. That financing was led by JP Morgan Chase, which has provided $75bn to companies expanding fracking operations and Arctic oil and gas exploration since 2016.While Goldman Sachs suggested that its motive in refraining from Arctic drilling was an environmental one, it was not the first time the bank has suggested it was opposed to the…

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News Oil Stocks 

Major Asia stocks mixed despite optimism with phase one US-China deal ‘totally done’

“Apple led Friday’s slight gains, rising 1.4% to a record after news of the trade agreement was announced” writes Weizhen Tan for cnbc.com. Markets in Asia were mixed in early trade on Monday, as trade optimism soared with China and the U.S. announcing they are finally set to sign off on a phase one trade agreement.U.S. Trade Representative Robert Lighthizer said on Sunday that the phase one U.S.-China trade deal reached on Friday is “totally done,” and it will nearly double U.S. exports to China over the next two years.U.S.…

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News Oil 

Iranian bank to fund NIORDC’s project for manufacturing dual-fuel cars

“Photo: Managing Director of Mellat Bank Mohammad Bigdeli (R) and Managing Director of National Iranian oil products Distribution Company (NIOPDC) Amir Vakilzadeh sign a memorandum of understanding for manufacturing dual-fuel cars, on Sunday in Tehran” reports tehrantimes.com. Based on the MOU the bank will allocate 65 trillion rials (about $1.54 billion) to add 1.46 million dual-fuel vehicles to the country’s public transportation fleet.TEHRAN – Iran’s Mellat Bank has signed a memorandum of understanding (MOU) with the National Iranian Oil Refining and Distribution Company (NIORDC) to fund manufacturing dual-fuel vehicles for…

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Markets News Oil 

The rally to $60 in WTI crude has happened under the radar

“There is a growing belief that shale growth isn’t going to meet expectations” reports forexlive.com. Another notable observation in the oil market is how narrow the range has been. Everyone has written off crude but global demand is still rising and if we see a pickup in global growth the market could quickly become undersupplied.In addition, the debt market is turning on shale — especially outside of the Permian basin.There has been a persistent bid in oil since the OPEC decision that’s flown under the radar because of so much…

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Futures News Oil 

Oil ends at 3-month high as the U.S. and China reach a preliminary phase one trade deal

“Oil futures ended higher on Friday, with U.S. and global benchmark prices at their highest levels since mid-September, after the U.S. and China said they have reached a preliminary agreement on a phase one trade agreement” writes Markets Commodities Reporter for marketwatch.com. On top of trade, a decisive victory for Boris Johnson’s U.K. Conservative Party in Thursday’s elections may remove another element of concern for assets considered risky like oil and stocks.February Brent crude BRNG20, -0.21% gained $1.02, or 1.6%, to finish at $65.22 a barrel on ICE Futures Europe,…

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Futures News Oil 

U.S. oil futures settle above $60 for first time since mid-September

“Oil futures settled higher on Friday, with U.S. prices above $60 a barrel for the first time since mid-September” writes Markets Commodities Reporter for marketwatch.com. Traders digested news of a preliminary phase one U.S.-China trade deal that helped ease worries about the outlook for energy demand.The question of whether U.S. benchmark crude-oil futures can “break above multi-month resistance in the low $60s will depend on U.S.-China trade relations; a favorable deal with material tariff reductions will be supportive of a move higher in oil, while continued confusion on the status…

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News Oil 

Oil prices climb as China confirms a deal on the text of a phase one trade deal with the U.S.

“For the week, prices trade around 1.3% higher” writes Markets Commodities Reporter for marketwatch.com. Oil futures climbed on Friday, with U.S. prices touching their highest levels since mid-September, after China said it has reached an agreement on the text of a phase one trade agreement with the United States.China confirmed Friday that it reached a deal on the text of a phase one pact, according to a translation reported by CNBC. The agreement hasn’t been signed.Before the press conference in China Friday, The Wall Street Journal reported that Trump agreed…

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News Oil 

Import prices rise in November due to oil, but they still aren’t adding to U.S. inflation

“If fuel is excluded, import prices fell slightly last month” writes Jeffry Bartash for marketwatch.com. The import price index advanced 0.2% last month, the government said Thursday.Read: Pace of consumer inflation hits one-year high — but it’s still low And: U.S. wholesale prices show little inflation in the pipeline What happened: The cost of foreign-produced energy rose 2.6% last month, generating all of the increase in import prices. Source: marketwatch.com

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News Oil Reviews 

Oil Daily Review December 13, 2019

Oil Daily Review for December 13, 2019 USD/CAD rises toward 1.3200, oil rally caps gains After spending a large portion of the day moving sideways near the 1.3170 mark, the USD/CAD pair gained traction during the American trading hours and   WTI Crude Oil and Natural Gas Forecast December 13, 2019 For additional up-to-date Forex Trading information: News (https://www.dailyforex.com/forex-news/page-1), Technical Analysis (https://www.dailyforex.com/fore…   Crude Oil Price Analysis: Positive US-China Trade Talk Powers Rally A positive technical outlook and news that the US and China have agreed a deal in principle…

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Markets News Oil 

Oil prices hit highest in 3 months as US-China trade deal takes shape

“Elsewhere, Norway’s oil output in November hit a 32-month high at 1.71 million barrels per day, the Norwegian Petroleum Directorate (NPD) said on Thursday” reports cnbc.com. While a trade deal that would end uncertainty could provide a shot in the arm for oil demand in the near term, concerns continue to hover about the demand profile amid ample supplies going forward.”Lingering doubts about demand will cap the upside on prices,” said ANZ Bank in a note on Friday. Source: cnbc.com

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