Oil prices rally up amidst hopes of Sino-American trade tensions easing

By MG News | December 12, 2018 at 11:21 AM GMT+05:00

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December 12, 2018 (MLN): Oil prices edged up by more than 1 percent on Wednesday, mainly due to expectations that an OPEC-led supply cut would stabilize markets as well as hopes that long-running Sino-American trade tensions would mitigate. Disruptions to Libyan oil exports after local militia seized the country's biggest oil field also lifted the oil prices.

The higher prices came amidst a broader increase in Asian stock markets after U.S. President Donald Trump announced that trade talks with China were taking place to resolve the trade disputes between the world's two biggest economies.

International Brent crude oil futures were at $60.89 per barrel at 0212 GMT, up 69 cents, or 1.15 percent from their last close.

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U.S. West Texas Intermediate (WTI) crude futures were at $52.25 per barrel, up 60 cents, or 1.2 percent.

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Name	Price/Vol	%Chg/NChg
KSE100	132,576.99 161.03M	-0.62% -826.20
ALLSHR	82,983.68 903.36M	-0.25% -204.38
KSE30	40,358.80 56.86M	-0.72% -292.66
KMI30	190,727.32 67.92M	-0.71% -1356.60
KMIALLSHR	55,698.48 457.08M	-0.27% -149.22
BKTi	36,242.06 11.15M	-0.50% -180.82
OGTi	28,323.42 10.71M	-0.40% -114.19

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	109,745.00	109,995.00 108,625.00	530.00 0.49%
BRENT CRUDE	70.16	70.71 69.85	0.01 0.01%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	1.45 1.51%
ROTTERDAM COAL MONTHLY	109.00	109.00 109.00	1.90 1.77%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	68.33	68.94 67.78	0.00 0.00%
SUGAR #11 WORLD	16.45	16.51 16.08	0.32 1.98%