Oil Struggles to Rally as Trade-Deal Delay Offsets OPEC Optimism

Another day in the U.S-China wilderness and another day of restrained action by oil bulls.

Just a day ago, the market looked ready to break out to new highs after OPEC sources surprised traders by revealing the cartel planned 1.6 million barrels per day of output cuts next year to replace an existing deal to reduce by 1.2 million bpd.

Trump, speaking in London ahead of a NATO gathering, said he was alright heading into the 2020 election with the U.S.-China trade war unresolved.

“I don’t have a deadline,” the president said. “I like the idea of waiting until after the election for the China deal. But they want to make a deal … we’ll see whether (or) not the deal is going to be right.”

U.S. Commerce Secretary Wilbur Ross told later that delaying talks with China beyond 2020 may deprive Beijing of the advantage it thinks it has in squeezing Trump for a settlement in its favor before the election.

 Trader Georgi Bozhidarov

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