Oil price falls 1% on indecisive US-China trade talks, rising stocks


Trade talks between the USA and China wrapped up this week and covered a wide range of topics.

The Stock Exchange of Thailand was down slightly in Thursday afternoon trading as Asian markets delivered mixed results Thursday following the end of three days of trade talks between the US and Chinese without significant breakthroughs. Wall Street was positioned for a flat opening.

Global markets were mixed Friday as investors cheered the Federal Reserve's more restrained stance and opted to view this week's U.S. "When the market appeared skewed to oversupply, we have reacted accordingly, and equally, when consumers expressed concerns regarding demand outpacing supply, the partners in the DoC have taken appropriate action".

Although crude stocks C-STK-T-EIA dipped by 1.7 million barrels, to 439.74 million barrels, they remained above their five-year seasonal average of 435 million barrels.

After rising for several days, the S&P 500 has hit a level of technical resistance in not surpassing 2,600, said Scott. He echoed the tone of other Fed officials who were present at a meeting last month.

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Both benchmarks rose by around 5% the previous day, capping off a week-long climb that marked oil's longest sustained rise since last summer.

POWELL SPEECH: Federal Reserve Chairman Jerome Powell said Thursday that the US central bank has the "ability to be patient" with its plans to gradually raise interest rates. -China talks has lifted investor sentiment, global financial markets are still struggling to decipher what exactly may have been promised in their negotiations this week. It's the first time the two sides have talked since U.S. President Trump and Chinese President Xi (Zhee) agreed to a 90-day truce during a meeting in Buenos Aires. "The return of risk appetite, in turn, has pressured the USA dollar lower", DBS Group Research strategists Philip Wee and Eugene Leow said in a commentary. Slowing inflation is not a good sign, as it raises questions about the health of the world's second largest economy. The contract is has surged by 23.7 percent since December 24. U.S. West Texas Intermediate crude futures were down USD.86, to USD 51.73 per barrel. It gained 24 cents to $61.68 per barrel in London.

The Canadian dollar traded at an average of 75.42 cents United States compared with an average of 75.56 cents USA on Thursday.

CURRENCIES: The dollar eased to 108.38 yen from 108.43 yen late Thursday.

Data released by the Energy Information Administration on Wednesday showed USA crude oil stockpiles fell by 1.7 million barrels in the week to January 4, compared with analysts' expectations for a decrease of 2.8 million barrel. The Green Organic Dutchman Holdings increased 9.7 per cent, while Canopy Growth Corp. rose 1.93 per cent on the day and 33.8 per cent for the week.