Oil steadies as hopes of easing trade tensions lend support

21 August 2019 11:53 (UTC+04:00)

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Oil prices steadied on Tuesday on optimism U.S.-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a possible economic slowdown, after falling earlier on concerns over future demand, Trend reports citing Reutrers.

Brent crude LCOc1 settled 29 cents, or 0.5%, higher at $60.03 a barrel, while U.S. crude CLc1 rose 13 cents to $56.34 a barrel. U.S. crude turned lower in post-settlement trade after U.S. President Donald Trump said he was not ready to make a trade deal with China.

The United States said it would extend a reprieve that permits China’s Huawei Technologies [HWT.UL] to buy components from U.S. companies, signaling a slight softening of the trade conflict between the world’s two largest economies.

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