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The massive BridgeTex pipeline was completed in 2014 and ends in eastern Houston. Owned by Magellan Midstream and Plains All American Pipeline, this pipeline transports Permian Basin crude oil from Colorado City to Houston. lessThe massive BridgeTex pipeline was completed in 2014 and ends in eastern Houston. Owned by Magellan Midstream and Plains All American Pipeline, this pipeline carries Permian Basin crude oil in Colorado.
Photo: Magellan Midstream Partner
Photo: Magellan Midstream Partner
The biggest gain in over three weeks amid optimism over trade negotiations between the US and China.
In New York on Thursday, futures rose 1.8{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}. The United States and China began two-day talks, suggesting that both sides could reach partial negotiations that could lead to temporary elimination of tariffs. President Donald Trump said on Twitter Thursday: “A big day of negotiations with China. Do they want to make a deal but I do? I will meet with the Deputy Prime Minister tomorrow at the White House. ”
Michael Hiley, Head of OTC Energy Trading with LPS Partners, said, “If future Chinese product trading helps us to win bigger deals, it will be“ positive to the expected demand for energy products. ”
But there is still concern in the market. Prices were lower than before the Saudi attack last month, the UK recovered production faster and investors turned their attention to the global economic slowdown. Long trade wars are deteriorating demand for oil, and major exchange market leaders now predict $ 50 per year.
Stock: oil Crude oil rises as US oil production reaches new record
In November, West Texas Intermediate rose 96 cents to $ 53.55 a barrel on the weekly New York Mercantile Exchange.
Brent oil for a compromise in December rose 78 cents to end the session at $ 59.10 per barrel at the London-based ICE Futures Europe Exchange, trading at a $ 5.54 premium to WTI that same month.
Vice President Liu He and the rest of the senior Chinese team arrived in Washington at 9 am in the US trade representative Robert Lighthizer's office. Donald Trump said he plans to meet Rio on Friday.
Mohammad Bakindo said the US-China trade dispute raised "shadows" on oil demand and "disastrous" if the deal could not be reached. Allies, including OPEC and Russia, said they would "do anything" to prevent another oil downturn as the global economy weakened.
With the help of Shela Tobben and Alex Longley.
© 2019 Bloomberg L.P.