Oil prices inched higher on Monday, extending steady gains from the previous week, with investors awaiting fresh clues over prospects for a trade deal between the United States and China and shrugging off concerns over steadily rising oil supplies.

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Wholesale electricity prices for Monday delivery rose on Friday as colder weather pushed up demand while conventional and renewable power supply tightened.

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British wholesale gas prices were mostly lower on Friday morning as UK domestic production ramped up following an outage.

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Oil prices gained on Friday after OPEC’s forecast for oil demand next year fuelled hopes that the producer group and allies will maintain supply cuts when they meet to discuss policy on output next month.

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Prompt British wholesale gas prices were mixed in quiet trade on Thursday morning, with higher supply expected in the coming days and reduced consumption.

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Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support.

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European power prices for the coming week fell sharply in Wednesday wholesale market trading, as milder weather forecasts curbed demand. ›

Prompt British wholesale gas prices fell on Wednesday morning as high imports from Norway and strong liquefied natural (LNG) gas send-out to the grid meant there was apple supply to meet strong demand.

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Oil prices fell on Wednesday as prospects for a trade deal between the United States and China faded, weighing on the outlook for the global economy and energy demand.

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Britain’s prompt gas prices rose on Tuesday morning on cold weather demand, while longer-dated contracts traded lower due to overall strong supply and full gas stocks, a trend that has kept European gas prices low this year.

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