Oil, gold rise ahead of US-China signing

Oil, gold rise ahead of US-China signing

But oil-market sentiment improved as new data showed profits at China's industrial firms rose at the fastest pace in eight months in November, according to the National Bureau of Statistics.

Futures rose as much as 1.1% in NY, gaining for a third straight session as trading resumed after the Christmas break.

He remarked, "Oil will likely correlate to equities" through the remainder of the year and even see multi-month highs, "but the situation is not sustainable for much longer: the market is overbought".

Also supporting prices, the American Petroleum Institute, an oil industry group, said late on Tuesday that U.S. crude stocks fell by 7.9 million barrels last week, much more than forecast by analysts.

A decline in crude oil supply after 2020 could lead to higher prices, the Russian Energy Ministry said in a draft energy strategy document.

The roughly 17-month trade war between the world's two largest economies has hit global growth and demand for oil, weighing on crude prices for most of the year.

Russia, which helped to cement the original deal between the Organization of Petroleum Exporting Countries and its partners back in 2016, has shown this year that it's getting tired of limiting supply.

"The Saudi-Kuwait neutral zone could produce as much as 500,000 [barrels per day] and that [could] eat away at some of the additional promised production cuts promised by the Saudis", Moya estimated.

A year-end stock market rally also helped lift oil prices as consumer sentiment continued to improve, he said.

At the time of writing Brent crude was trading at $66.60 a barrel and West Texas Intermediate was trading at $61.47 per barrel, both down modestly from the opening of trade on Friday.

Most markets around the world had limited trading on Wednesday due to Christmas Day.

Brent crude was up 29 cents, or 0.4%, at $68.21 a barrel at 0903 GMT. Prices rose 81 cents to $67.20 on Tuesday, and are up 8.6% so far this month. The global benchmark traded at a $5.94 premium to WTI.

Chinese data on Wednesday showed imports of USA soybeans surged to the highest in about two years, while American President Donald Trump said a trade pact between the two nations is "done". US oil major Chevron Corp, which helps operate the fields, said full production was expected within 12 months. The U.S. benchmark ended the week 2.1% higher, marking its fourth weekly advance.

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