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Oil firms as US, China close to trade deal

Oil price


04 March 2019  

Time taken to read : 2 Minute


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SYDNEY: As the United States and China gear up for signing a trade deal, oil prices firmed on Monday, ending a tit-for-tat tariff row that has roiled financial markets across the globe.

International Brent futures were at $65.25 a barrel at 0022 GMT, up 0.3 percent, from their last close. Brent fell 1.5 percent on Friday.

U.S. West Texas Intermediate (WTI) crude futures were at $56.05 per barrel, up 0.5 percent. WTI futures fell 2.5 percent on Friday.

“Optimism is very high for the U.S. and China to finalize a trade deal this month,” said Edward Moya, senior analyst, OANDA.

The rally came as signs that the United States and China will finally ink a trade deal eased fears about global demand growth.

Given the progress in talks between the two countries, US President Donald Trump and Chinese President Xi Jinping could reach a formal trade deal at a summit around March 27, the Wall Street Journal reported on Sunday.

(Agencies)

Publish Date : 04 March 2019 07:04 AM

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