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Two Reasons Why Oil Prices Rose Today

Oil prices were trading up over 1% on Thursday afternoon, the latest development in the current oil market that can’t decide whether oil prices should be up or down.close [x]PauseUnmuteLoaded: 0%Progress: 0%Remaining Time -1:11Fullscreen

Today’s major catalysts include the day-ago signed truce to the US-China trade deal that promised—perhaps overly optimistically so—to see China purchase tens of billions of dollars wroth of US energy exports, along with today’s approval by the US Senate of the US-Mexico-Canada trade deal known as the USMCA, which should also provide a boost to US oil exports.

Mexico and Canada are by far the largest importers of US crude oil and oil products, according to the EIA, taking  more than 36 million barrels each per month, according to the latest data available. 

Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. Reabold’s assets include Monroe Swell, West Brentwood & Grizzly Island, in California, US and West Newton in the UK.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.