Oil prices higher on potential U.S.-North Korea meeting
Positive markets on the US-North Korean “thaw”. Crude oil futures rose on Friday as Asian stock markets gained on news that North Korean leader Kim Jong Un will meet with US President Donald Trump.
Markets reacted quite positively to the announcement. The yen weakened against the dollar, coming in at a rate of almost 107, while the Tokyo Stock Exchange closed by about half a percentage point, after rising to 1.8%. Investors are satisfied by the news, which in fact eases tensions in Northeast Asia and pushes to focus on riskier assets like equity sector.
Crude oil futures rose today as Asian stock markets gained on news that North Korean leader Kim Jong-Un will meet with US President Donald Trump.
The two leaders will probably meet by May and “Kim has pledged to refrain from further nuclear or missile tests”, South Korea’s national security chief said late on Thursday after briefing White House officials on talks between Seoul and Pyongyang.
The White House said Trump would accept the invitation at a place and time to be determined.
After this news Brent crude futures were at $63.95 per barrel, up 34 cents, or 0.5 per cent, from their previous close.
US West Texas Intermediate (WTI) crude futures were at $60.39 a barrel, up 27 cents, or 0.45 per cent. WTI also fell by more than 2 per cent the previous session.
Oil prices responded positively to an announcement on Thursday that Trump accepted an invitation to meet with North Korea’s Kim Jong Un. “Geopolitical stability defiantly supports” demand for oil, said Naeem Aslam, chief market analyst with ThinkMarkets.
Since U.S. President is spoiling the American relationship with its neighbour to the north, the Canadian oil industry’s biggest trade group is looking for ideas to reduce its dependence on...Read More
Oil companies Exxon and Equinor become partners at a field off the coast of Brazil thus generating a boost for Brazil’s economy, after weeks of political uncertainty. A consortium of Equinor,...Read More
Vitol, Glencore, and Shell are in the running to buy the Nigerian oil assets of Brazil’s state oil firm Petrobras The world’s three largest oil traders are competing to buy the...Read More
Maduro buys $440 million foreign oil and send it to Cuba on friendly credit terms while Venezuelans starve. Venezuela has been buying foreign crude to continue supplying political allies such as...Read More
Saudi Arabia’s efforts to revive economic growth are still dependent on oil prices, even as the kingdom tries to reduce its reliance on revenue from crude exports. Higher oil prices have...Read More
Become a partner
If you are interested in becoming a Dealoil partner please get in touch by emailing us at email@example.com. We look forward to hearing from you. The Dealoil team