Looking ahead, US fiscal stimulus negotiations may be in focus as officials scramble to get a deal done before Congress departs for a recess at the end of the week. Democrats have put up a proposal costing $3.5 trillion while Republicans countered with a $1 trillion scheme.
Energy
Opec and Russia Reach Deal to Cut oil Production by 10m Barrels a Day
Opec and Russia agreed on Thursday to make deep cuts to oil production, ending a weeks-long market-share war that put further pressure on prices already reeling from the biggest demand collapse in history.
Crude Oil Rallies on Hopes for US-China Trade Deal
Brent crude futures were at $70.85 a barrel at 0021 GMT, up 48 cents, or 0.7%, from their last close. Brent closed little changed in the previous session.
Crude Oil Trades Roughly Flat as Supply Risks offset Rising US Crude Stockpiles
Gold Silver Reports – Brent crude oil held above $71 a barrel on Tuesday, supported by falling Venezuelan and Iranian exports and fighting in Libya that raised concerns of more supply threats, outweighing expectations of higher U.S. inventories.
US Crude Settling at $48.52, Zoomed by OPEC cuts and stock market Up
U.S. West Texas Intermediate crude oil futures ended Tuesday’s session 56 cents, or 1.2 percent, higher at $48.52 a barrel. Brent crude futures rose 27 cents, or about half a percent, to $57.33 a barrel, up from December’s slide below $50, which was its lowest level since July 2017.
Nymex Crude Oil Prices Forecast Above $45 Level, Target $49 — $52 – Neal Bhai Reports
Gold Silver Reports (GSR) – The Energy Information Administration said domestic oil inventories rose by 7,000 barrels last week, defying analyst projections for the decline that usually accompanies growing winter fuel demand. Gasoline supplies surged by 6.9 million barrels and stockpiles at a key storage hub in Oklahoma also grew.
Crude Oil Rises to $61 on Libyan Supply cut, U.S. inventories – Neal Bhai Reports
Brent crude, the global benchmark, rose $1.07 to $61.27 by 0947 GMT. It has still fallen by almost a third since early October. U.S. crude gained 99 cents to $52.64.