Oil prices rose on Thursday after the United States and China signed an eagerly ...
LONDON/TOKYO - Oil prices rose on Thursday after the United States and China signed an eagerly awaited Phase 1 trade deal, giving some relief to markets, but gains were capped as the International Energy Agency said it expected oil production to outstrip demand.
Under the so-called Phase 1 deal to call a truce in a trade war between the world’s two biggest economies, China committed to buy over $50 billion more of U.S. oil, liquefied natural gas and other energy products over two years. “To borrow the words from Ferdinand Foch, the Supreme Allied Commander during WWI: ‘This is not peace. It is an armistice for a few months’.”
The IEA also said it expected production to outstrip demand for crude from the Organization of the Petroleum Exporting Countries even if members comply fully with a pact with Russia and other non-OPEC allies to curb output.
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