Oil Price Fundamental Weekly Forecast- FX Empire
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures posted a strong performance last week, helped by positive developments over a trade deal that seemed to offset worries about demand growth, increasing U.S. supply and the potential for deeper output cuts from OPEC.
The primarily catalyst behind the price action this week was U.S.-China trade relations. Optimism over the progress of the negotiations drove prices higher early in the week, but uncertainty over the timing of the signing of a trade deal encouraged long investors to book profits and trim positions later in the week. However, the markets were able to recover at the end of the week after a report said the U.S. and China had agreed to rollback tariffs.
Last week, December WTI crude oil settled at $5 ...