China US trade optimism drives oil prices higher continuously

On December 17, U.S. WTI crude oil January futures rose $0.73 to $60.94, or 1.2%, after hitting $61.06 in intraday trading. Brent crude oil rose $0.76 to $66.10 a barrel in February, up 1.2%, hitting $66.24 in mid session. Since the text of the first phase of the economic and trade agreement between China and the United States was agreed, oil prices have been pushed up for four consecutive days. Not only that, but the stock markets of both countries are also booming. Among them, a shares returned to more than 3000 points yesterday, which also made many Chinese shareholders happy. Now, everyone's eyes are on the upcoming US crude oil inventory data released last week. This will be an important factor in the fluctuation of crude oil. As we said the day before yesterday, as long as the trade situation between China and the United States develops steadily, China's crude oil demand will continue to expand, will continue to boost market confidence and stimulate the oil price to continue to rise. When the main variable remains stable, it depends on the supply side of the United States. So please also pay close attention to the data released by IEA. But as the saying goes, "an analysis is as fierce as a tiger. Trump is responsible for all the ups and downs.". There are still some uncertainties in the trade situation between China and the United States. This uncertainty includes not only the actual progress of negotiations between the two sides, but also what trump said in an interview or tweeted in the middle of the night. The strength of analysts in the United States mocked that trump would easily solve the deficit problem of the U.S. government in less than half a year if he asked the U.S. Treasury to speculate on futures ahead of the big news.