Oil fell on Monday after Russia said an OPEC-led pact may consider easing output cuts next year, but prices held near recent three-month highs on hopes for a trade deal between the United States and China. However, Russian Energy Minister Alexander Novak said on Monday that the group known as OPEC+ may consider easing the output restrictions at their meeting in March. Non-OPEC global supply is expected to rise next year due to higher output from countries including the United States, Brazil, Norway and Guyana which became an oil producer last week. Oil prices have risen since the United States and China agreed a so-called phase one trade deal earlier this month following months of tit-for-tat negotiations that unsettled markets. “Oil prices will continue to benefit from the positive developments in U.S.-China trade,” said Stephen Innes, chief Asia market strategist at AxiTrader.

Source: The Guardian December 23, 2019 11:15 UTC