Oil starts higher on trade optimismOil prices kicked off the New Year higher yesterday as warming trade relations between the US and China eased demand concerns while rising tensions in the Middle East fueled worries about supply. Oil markets were closed on Wednesday for New Year’s Day. “Oil remains supported by the back-burner trade truce and the uptick in political unrest in Iraq,” said Stephen Innes, chief Asia market strategist at AxiTrader. SEE ALSO :Oil prices tumble amid US-China trade uncertaintyThis is up from December’s estimate of Sh5,750 ($57.30), as the Opec-led supply cuts and the expectations of a US-China trade deal boosted analysts’ views on the prospects for the year, a Reuters poll showed. US President Donald Trump said on Tuesday the US-China Phase 1 trade deal would be signed on January 15.

Source: Standard Digital January 02, 2020 21:00 UTC