Oil quotes have posted some gains given upcoming OPEC meeting slated for next week. For now, the G20 summit will be in the focus. The players want to see the meeting of Washington and Beijing leaders in Buenos Aires for further trade talks.
For now, January WTI futures increased to some $51.96/bbl; February Brent futures also improved reaching $60.83/bbl.
Oil has recovered by now, though the prices generally remain some 30% weaker the October results. This situation can be related to the fact that Washington agreed to soften Iranian sanctions for eight countries allowing them to continue oil imports from Iran.
Notable, the OPEC policy meeting is slated for December 6.
Meanwhile, the G20 summit will take place in Argentina this weekend already. One of the main topics is expected to be the persisting trade conflict between two leading economies – the USA and China. Another urgent item to discuss will be the oil issue.
As commented US official, Trump's administration is actively negotiating with China now, and Donald Trump himself believes that it would a good chance for a potential agreement.
The players put strong hopes on the upcoming summit as it can bring new progress in the conflict.