Oil prices slip as U.S.-China trade deal talks seek breakthrough
LONDON/TOKYO - Oil prices rose on Tuesday on hopes of progress toward a trade agreement between the United States and China, the world’s biggest oil users, and predictions of a draw in U.S. crude inventories.
Top U.S. and Chinese trade negotiators held a phone call on Tuesday morning, China’s Commerce Ministry said, as the two sides try to hammer out a preliminary “phase one” deal in a trade war that has dragged on for 16 months. On the supply side, the Organization of the Petroleum Exporting Countries meets on Dec. 5 in Vienna, followed by talks with other oil producers, including Russia, that have agreed to cut output to support prices, a group known as OPEC+.
Analysts at J.P. Morgan also expect that OPEC+ may extend the output cuts until the end of 2020, the bank said in a note.
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