BRENT oil to get a boost from US-China trade deal   

Oct 12 (Lagos) - Brent futures could carve out a path back towards $64/bbl in the event that a US-China trade deal is announced going into the weekend. Despite Brent futures now breaking above the psychological $60/bbl level following news of an Iranian tanker catching fire, investors’ focus remains primarily on the outcome of the trade negotiations in Washington.

Oil markets have been weighed down by demand-side uncertainties, as heightened tariffs have choked global trade. Even in the event of a trade truce, the tariffs that remain in place however will limit Oil’s upside, barring any tightening in global supplies. 

This could come via a spike in geopolitical tensions involving major Oil producers or a tighter supply-cuts programme by OPEC countries.

reporting for on Saturday, Oct 12 2019 from Lagos, Nigeria

Source - written by Han Tan, market analyst at FXTM
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