Benchmark crude oil prices fell slightly Nov. 12 on markets in both London and New York on commentary related to ongoing US-China trade negotiations.
Oil markets have been “ultrasensitive to headlines pertaining to the progress on the US-China trade war,” Aegis reported Nov. 13. Aegis said early morning trades were down after US President Donald Trump “said the two countries were close to finalizing a trade deal but did not provide a date or venue for the signing of Phase 1,” citing a Reuters report.
Speaking at the Economic Club of New York Nov. 12, Trump said, “If we don’t make a deal, we’re going to substantially raise those tariffs,” Aegis quoted from a Bloomberg report.
The light, sweet crude contract for December on the New York Mercantile Exchange was down 6¢ to $56.80/bbl on Nov. 12. The January contract was down 5¢ to settle at $56.85/bbl.
Brent crude oil for January was down 12¢ to $62.06/bbl on London’s International Commodity Exchange. The February contract was down 6¢ to $61.24/bbl.
The NYMEX natural gas price for December lost a rounded 2¢ to $2.62/MMbtu. The January contract was down 1¢ to $2.71/MMbtu.
Ultralow-sulfur diesel for December decreased over a penny to a rounded $1.90/gal. The NYMEX reformulated gasoline blendstock for December was up less than 1¢ to remain $1.61/gal.
The gas oil contract for November was unchanged at $583.50/tonne on Nov. 12.
The Organization of Petroleum Exporting Countries’ basket of crudes for Nov. 12 was $62.82/bbl, up 56¢.