MARKET WATCH: Crude oil prices up on hopes of November trade deal
Oct. 23, 2019
Light, sweet crude oil prices for December and January contracts settled nearly $1/bbl higher on the New York market Oct. 22 and Brent crude oil prices for December and January also rallied in London to settle above $59/bbl.
Prices were buoyed as US President Donald Trump contradicted US Commerce Secretary Wilbur Ross’s comment Oct. 21 that finalization of a trade deal agreement with China isn’t needed in November. The same day, President Trump suggested the countries were on track to sign a deal in November.
Energy prices
Light, sweet crude oil prices on the New York Mercantile Exchange for December increased by 97¢ to $54.48/bbl on Oct. 22 while the January contract gained 96¢ to $54.50/bbl.
The November natural gas price increased by 3¢ to $2.27/MMbtu on Oct. 22.
Ultralow-sulfur diesel for November gained less than 1¢ to $1.94/gal. The NYMEX reformulated gasoline blendstock for November edged up by less than 1¢ to a rounded $1.61/gal.
Brent crude for December gained 74¢ to $59.70/bbl. The January contract was up 76¢ to settle at $59.44/bbl.
Gas oil for October gained $11 to $593.00/tonne on Oct. 22. The Organization of Petroleum Exporting Countries’ basket of crudes on Oct. 22 averaged $59.78/bbl, up 28¢.
