High quality: WTI is considered a "light sweet" crude oil, that is easier to refine, while Brent is often a blend of crude oils, which include the two "light-weight sweet" and "large bitter" grades.
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“Crude oil jumps along with other pro-cyclical commodities on news the U.S. and China will quickly reduce tariffs on each other's products and solutions, thus minimizing fears of a prolonged financial fallout hurting need,” Ole Hansen, head of commodity technique at Saxo Lender, commented on Monday.
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Discussions involving U.S. and Chinese officials will go on to handle financial and trade relations subsequent the Original tariff suspension.
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WTI and Brent oil futures are money contracts that enable participants to invest on the future cost of crude oil.
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“WTI and Brent may perhaps consider a more in-depth check out key resistance close to $65 and $69, respectively. On the other hand, the key issue is whether nowadays’s information marks peak optimism, supplied the minimal probability of a complete U.S. retreat from its stance on China,” the strategist noted.