Oil prices up with OPEC cuts, US-China trade talks

Oil prices up with OPEC cuts, US-China trade talks

Oil prices up with OPEC cuts, US-China trade talks

The surge in US production runs counter to efforts led by the Organization of the Petroleum Exporting Countries to cut supply and rein in an emerging glut. -China trade talks that have raised hopes of a deal to avert an all-out trade war. The Shanghai Composite index was up 0.6 percent at 2,550.35.

Japan's Nikkei 225 index advanced 1 percent to 20,359.70 and South Korea's Kospi was 0.6 percent higher at 2,075.57.

Morgan Stanley cuts 2019 oil price forecasts by more than 10%.

On Friday, oil prices dropped, snapping its consecutive rally for nine days, weighed down by the rising greenback and sliding energy stocks due to concerns caused by the ongoing US government shutdown.

"After a terrible December for risk markets, crude oil continues to catch a positive vibe, " Innes said.

"Dovish Fed minutes and positive developments out from the U.S".

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Apart from that, a high-level trade talk between U.S. and China later on January, had been cheering the market.

Adding to support for oil, the value of the USA dollar tumbled after a Federal Reserve official said the central bank isn't locked into a particular direction for interest rates. "Now we've got back to an equilibrium point".

Crude futures sank along with the ebbing energy sector in the 11 primary S&P 500 sectors, which led the laggards with around 0.58 percent fall.

Brent crude futures rose $2.72 to settle at $61.44 a barrel, a 4.6 percent gain.

Persistent worries about a global economic slowdown finally dominated traders' concerns and ended crude's 9 day winning streak on Friday - although both benchmarks still achieved a second week of gains, with West Texas Intermediate and Brent up about 7.5 percent and 6 percent respectively.

ENERGY: Oil prices eased after rallying for the ninth consecutive day.

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At trading start on Thursday, oil prices were down around 1 percent as US crude production endured at a record high level to keep a downward pressure on prices.

"We believe further price appreciation will occur during 2019, although the year will be marked with continued volatility", analysts at Fitch Solutions said on Friday.

Lower oil exports from Iran since November, when USA resumed sanctions against the OPEC producer, have also supported crude.

"There's a bit of profit-taking in stocks so that helped to rally Treasuries", said Larry Milstein, head of USA government and agency trading at R.W. Pressprich & Co.in NY. Hong Kong's Hang Seng rose 0.6 percent to 26,667.27.

The dollar remained on the defensive after hitting its lowest level since mid-October amid signs Fed policymakers are becoming more cautious about future rate hikes and as investors unwound safe-haven bets due to optimism over the trade talks.

CURRENCIES: The euro was up 0.3 percent at $1.1529 while the dollar fell 0.1 percent to 108.27 yen.

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