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Encouraging trade talks push WTI to a 2019 high
Prices down Monday after President Trump’s tweet that oil prices too high
The WTI front-month contract rose $1.67, or 3%, last week to settle on Friday at a 2019 high of $57.26/bbl. Market sentiment last week was driven by US-China trade talks and further bolstered by positive indications the prior week that Vienna Pact cuts are reducing global oil supplies. On Monday, Feb. 18, markets were closed in observation of Presidents’ Day. On Tuesday, Feb. 19, WTI rose 50 cents to a three-month high of $56.09/bbl. Markets continued to focus on US-China trade talks, with......
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