15/01/2020
Reuters
Oil prices rose on Tuesday after falling for five days as the United States and China prepared to sign a tentative trade agreement and easing Middle East tensions.
Brent futures rose 29 cents, or 0.5 percent, to settle the settlement price at $ 64.49 a barrel, while US West Texas Intermediate crude closed up 15 cents, or 0.3 percent, to $ 58.23.
The contract price for the closest benefit for West Texas Intermediate is less than the price for the second closest benefit for the first time since November 19.
Analysts pointed out that oil found technical support after West Texas dropped to a five-week low of $ 57.75, which was followed by a bounce from the 200-day moving average.
Edward Moya, chief market analyst at the Luanda in New York, in the report said: "Oil prices temporarily rebound after solution fatigue sellers as investors awaited the following developments on the trade front and whether we will see a strong improvement in global demand after the trade agreement phase one."
