Oil Futures Rise Amid Hopes for U.S.-China Trade Deal


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Oil futures rose on Tuesday (10/21) morning as market 
participants counted on the potential for a trade agreement between the United 
States and China that could ease some of the bearish sentiment affecting energy 
demand.

   The NYMEX WTI crude futures contract for November delivery rose $0.46 to 
$57.98 bbl, while ICE Brent for December delivery climbed $0.42 to $61.43 bbl. 
The rebound follows three consecutive weeks of losses in WTI and Brent, 
pressured by concerns about oversupply.

   November RBOB gasoline futures advanced by $0.0053 to $1.8355 gallon. 
Front-month ULSD futures advanced by $0.0110 to $2.2031 gallon.

   The U.S. Dollar Index edged higher by 0.335 points to 98.69 against a basket 
of foreign currencies.

   U.S. President Donald Trump is scheduled to meet with Chinese President Xi 
Jinping in South Korea, likely on the sidelines of the Asia-Pacific Economic 
Cooperation summit scheduled to take places from  October 31 to November 1. 
Trump has expressed optimism about reaching a "fantastic deal" during this 
meeting.

   The trade war between the U.S. and China has resulted in 50% tariffs on 
Chinese imports, imposed by the Trump administration, while China - the world's 
second-largest oil crude oil importer - has responded with retaliatory tariffs 
averaging just over 30% on U.S. goods. 

   Separately, market participants are also awaiting the American Petroleum 
Institute's weekly inventory report on oil, due later today.




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