Crude Oil Prices Retreat

Oil prices are into a falling side amid issues with the coming trade deal between Washington and Beijing, which are the biggest oil demanders.

Currently, oil trades at$ 58.03, which is a loss of $0.07 or 0.12% from the previous close of $58.10. The daily range is from $57.95 to $58.20, while the trading volume is 29.337K.

U.S. Treasury Secretary Steven Mnuchin reported that tariffs on Chinese goods will remain active until the completion of a second phase of a U.S.-China trade agreement is reached.

Moreover, the U.S. President is expectedto sign the Phase 1 agreement with Chinese Vice Premier Liu He at the White House later today.

Furthermore, U.S. oil production is likely to surge to a record of 13.30 million barrels per day in 2020, mainly stimulated by the production of the Permian region of Texas and New Mexico, according to the U.S. Energy Information Administration.