International Brent crude oil futures were up 67 cents, or 1.1 percent, at $62.17 a barrel by 1230 GMT. U.S. West Texas Intermediate (WTI) crude futures rose by 51 cents, or nearly 1 percent, to $53.52.
International Trade
China Poised to Buy More U.S. Soybeans
China bought U.S. soybeans for the first time in six months after U.S. President Donald Trump and his Chinese counterpart Xi Jinping met on Dec. 1 and set a 90-day negotiating window to resolve their trade differences.
OPEC Has Shown it can Reach Deal Despite Splits: Iran Oil Minister
The Organization of the Petroleum Exporting Countries and its Russia-led allies agreed on Dec. 7 to cut output by more than expected, despite pressure from U.S. President Donald Trump to reduce the price of crude.
Slowing Demand and a Supply Glut to Drain Oil’s Gains in 2019: Reuters Poll
A survey of 38 economists and analysts forecast Brent crude LCOc1 to average $74.50 a barrel in 2019, lower than the $76.88 outlook last month. The poll predicted Brent would average $73.20 in 2018, mostly in line with the $73 average for the global benchmark so far this year.
Breaking News – Crude Oil Prices Dip on Swelling U.S. Supply – OPEC Output Cuts Loom
U.S. West Texas Intermediate (WTI) crude futures were at $51.30 per barrel at 0023 GMT, down 15 cents, or 0.3 percent from their last settlement.
UK, EU Agree Tentative Brexit Deal on Financial-Services: The Times
British and European negotiators have reached tentative agreement on all aspects of a future partnership on services, as well as the exchange of data, the British newspaper reported, citing government sources.
U.S. Plans More China Tariffs If Trump-Xi Meeting Fails, Sources Say
The United States is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war.
Rupee Slump to Push India to Seek Yuan Trade Settlement
The plan would enable direct convertibility between the rupee and yuan and will help cut transaction and hedging costs, the people said, asking not to be identified citing rules. The proposal would allow Indian exports of pharmaceuticals, oilseeds and sugar to China to be settled in rupee, while keeping out trade in high volume products such as electronics, they said.
Narendra Modi Urges Oil Suppliers to Review Payment Terms to Give Rupee Relief – Gold Silver Reports
Indian Prime Minister Narendra Modi urged global oil suppliers on Monday to review payment terms in order to give relief to the country which is struggling with a weakening currency.
Gold Slides Alongside Equities as Dollar Climbs – Gold Silver Reports
Gold fell alongside equity markets on Monday partly in response to gains in the dollar which is benefiting from a run of strong U.S. economic data reinforcing expectations of further interest rate rises.