Economic news

Hopes for Retaliatory Tariffs Removal Push Oil Above $62

Oil prices jumped above $62 per barrel on Thursday after China announced progress in trade deal talks with the U.S., refreshing hopes for an end to a long spat that strongly affects economic growth and fuel demand.

oil prices surgePhoto: Pixabay

Sino-U.S. sides agreed to remove tit-for-tat tariffs in diverse phases, following the Chinese commerce ministry report, without setting a timeline.

The trade negotiations prompted analysts to change downward forecasts for oil demand and awakened worries that a supply glut could come in 2020. 

Recall, oil rates dropped on Wednesday, partly on the back of concerns over a U.S.-China trade deal postponement.

Brent crude futures  gained 1.20 percent, at $62.51 per barrel, while U.S. WTI futures surged by 1.76 percent, to $57,36 per barrel at 16.14 GMT.

Beijing’s comments offset the prior day report about U.S.inventories drawn up by 7.9 million barrels, being much more than markets expected.

To leave a comment you must or Join us

  • avatar-1609
    • #

    wti lags yet in contrast to brent, a port required. Urgently, for a more solid price

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree