# Oil steadies after gains driven by trade optimism

> Oil rose over 1% on hopes for a US-China trade agreement and possible rollback of tariffs. Brent settled at $62.94 and WTI at $57.23. OPEC's Secretary-General said 2020 outlook may be brighter than forecast, reducing the need for deeper cuts.

- Date: 2019-11-05 · published 2019-11-05T12:00:00.000Z
- Category: trade · region Global · magnitude low
- Page: https://feedsoft.ai/events/56240-oil-steadies-after-gains-driven-by-trade-optimism
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Trade optimism supports demand expectations and crude prices, which feed energy and freight costs. OPEC's reduced call for deeper cuts limits supply-side support.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-01-04 | [Oil prices rise on US-China trade talks and OPEC cuts](https://feedsoft.ai/events/10834-oil-prices-rise-on-us-china-trade-talks-and-opec-cuts.md) | +11.9% | +13.9% |
| BRENT | 2026-01-13 | [Brent Rises After US Imposes Tariffs on Iran's Allies](https://feedsoft.ai/events/11396-brent-rises-after-us-imposes-tariffs-on-iran-s-allies.md) | +1.4% | +8.5% |
| BRENT | 2019-01-09 | [Oil rises more than 2 pct on U.S.-China trade talk hope](https://feedsoft.ai/events/11168-oil-rises-more-than-2-pct-on-u-s-china-trade-talk-hope.md) | +3.2% | +6.9% |
| BRENT | 2019-06-18 | [Oil rallies as progress toward a trade deal eases demand worries - MarketWatch](https://feedsoft.ai/events/58757-oil-rallies-as-progress-toward-a-trade-deal-eases-demand-worries-marketwatch.md) | +5.3% | +8.0% |
| BRENT | 2018-12-03 | [Oil up 4 pct on trade truce, expected supply cuts](https://feedsoft.ai/events/10627-oil-up-4-pct-on-trade-truce-expected-supply-cuts.md) | +6.0% | -10.4% |
| WTI | 2026-05-07 | [Record oil exports could drive U.S. diesel and gas supply shortages just as summer travel starts - MarketWatch](https://feedsoft.ai/events/19460-record-oil-exports-could-drive-u-s-diesel-and-gas-supply-shortages-just-as.md) | +6.0% | -2.0% |
| WTI | 2025-05-09 | [Market Talk \| Trade Optimism While Energy Prices Continue To Rally](https://feedsoft.ai/events/12546-market-talk-trade-optimism-while-energy-prices-continue-to-rally.md) | +2.9% | +7.0% |
| WTI | 2020-02-18 | [China takes steps to make good on trade deal](https://feedsoft.ai/events/54482-china-takes-steps-to-make-good-on-trade-deal.md) | -1.3% | -44.5% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/11/05/oil-markets-opec-crude-production-in-focus.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.