Oil prices rise over 2 percent on trade talk optimism
By Trend
Oil prices rose more than 2 percent on Tuesday, supported by hopes that crude demand may rise more quickly if talks between US and Chinese officials resolve the trade dispute between the world’s two biggest economies, Trend reports citing Reuters.
US West Texas Intermediate (WTI) crude oil futures CLc1 settled up $1.26, or 2.6 percent, at $49.78 a barrel. During the session, the contract touched $49.95, the highest since Dec. 17.
Brent crude futures LCOc1 rose $1.39 a barrel, or 2.4 percent, to $58.72.
“The trade situation is definitely bullish; you have a good demand construction if we can wrap up this trade deal,” said Bob Yawger, director of futures at Mizuho in New York.
The talks are going well so far and will continue on Wednesday, US delegation member Steven Winberg said.
These are the first face-to-face meetings between officials from the two countries since US President Donald Trump and Chinese President Xi Jinping agreed in December to a 90-day truce in a trade war that has buffeted global financial markets.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!