Oil Rises as Trade Jitters Ease
Investing.com
Published Aug 29, 2019 01:52PM ET
Updated Aug 29, 2019 02:40PM ET
Investing.com - Crude oil prices rose on Thursday and look set to notch a weekly win as the U.S.-China trade war seemingly took an unexpected turn for the better, with Beijing suggesting it was ready to cooperate on trade talks.
On the New York Mercantile Exchange crude futures rose 1.7% to settle at $56.71 a barrel, while on London's Intercontinental Exchange, Brent added 0.98% to $60.52 a barrel.
Much to the relief of many who fear the ongoing U.S.-Sino trade war will dent global economic growth and stifle oil demand, the Chinese Ministry of Commerce said it is willing to "negotiate and collaborate."
President Donald Trump, meanwhile, reportedly said talks at a "different level" are set for Thursday.
“There’s a talk scheduled for today at a different level,” Trump said in an interview with Fox News Radio without elaborating on what “a different level” means.
The conciliatory tone from China was unexpected, with many fearing Beijing would seek to retaliate against the latest round of U.S. tariffs. announced by Trump last week.
The current health of the U.S-China trade relationship has been muddied by conflicting reports, as Beijing earlier this week denied that it had reached out to Washington in an effort to resume talks.
Oil prices were also buoyed by data from a day earlier pointing to tightening inventories, with both oil supplies and products falling sharply.
Hurricane Dorian, forecast to make landfall in Florida as a Category 4 storm on Labor day, has also stoked supply concerns amid expectations the storm has the potential to impact offshore production in the Gulf of Mexico.
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Written By: Investing.com
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