Oil rises as U.S.-China work to agree on tariff rollbacks


Oil increased as China and the United States made progress in resolving long-term trade disputes that hinder fuel demand for trains, trucks, and planes in the world's two largest economies.

In New York on Thursday, futures rose 1.4{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}. Negotiators from China and the United States agreed to roll back tariffs step by step. US stocks set a record earlier today and are likely to have had a slowdown in global growth.

Tom Finlon, director of Energy Analytics Group Ltd, Wellington, Florida, said that the rise in oil and stock markets "should keep prices solid in line with good trade news and economic optimism" on the day.

At the end of April, oil still fell about 14{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} due to concerns that sluggish demand and sluggish supplies in the US and elsewhere would lead to oversupply in the market. Last week US crude oil inventories rose 7.9 million barrels, nearly four times higher than analysts predicted.

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In December, Indian WTI rose 80 cents to $ 57.15 a barrel on the New York Mercantile Exchange. Earlier, the future was the highest price since September 24, recording $ 57.88.

Brent Yu for a compromise in January rose 55 cents to end the session at $ 62.29 on the ICE Futures European Exchange. Global benchmark crude oil traded at $ 5.14 premium to West Texas Intermediate in the same month.

JensNaervigPedersen, senior analyst at Copenhagen's Danske Bank A / S, said, “We will see a decent return on the oil market today after positive trading news. "The oil market is better than two weeks ago but it is still in a vulnerable environment and it doesn't take much time to scale in the negative direction again."

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© 2019 Bloomberg L.P.


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