Benchmark crude futures averaged 7% higher in February compared with January, continuing to be buoyed by growing optimism over a US-China trade deal. However, by early March, the rally had stalled.
The path to a trade agreement has been tough and the negotiating teams have been working through major hurdles right into the final stages, especially around the structural changes Washington has demanded of Beijing and the implementation mechanism. However, the deal looks certain and as we wrote this report, was expected to be signed by presidents Donald Trump and Xi Jinping on March 27.
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