WTI Crude: Oil prices rise after Trump says China trade deal likely
WTI Crude: Oil prices rose on Tuesday after US President Donald Trump said he expected to sign a trade deal with China.
WTI Crude: Oil prices rose on Tuesday after US President Donald Trump said he expected to sign a trade deal with China, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling. Brent crude was up by 27 cents, or 0.5%, at $58.97 a barrel by 0024 GMT, after falling 1% the previous session, dropping for a third day in a row.
US crude was up by 23 cents or 0.4% at $$53.87 a barrel, having also dropped 1% on Monday for a fourth day of declines. US President Donald Trump on Monday predicted a trade deal with China after positive gestures by Beijing, settling global markets that have been roiled by new tariffs from the world`s two largest economies.
See Zee Business Live TV streaming below:
Chinese Vice Premier Liu He, who has been leading the talks with Washington, said on Monday that China was willing to resolve the trade dispute through "calm" negotiations and opposed any increase in trade tensions.
Oil prices have fallen around 20% from a 2019 high reached in April, in part because of worries that the U.S.-China trade conflict is hurting the global economy, which could dent demand for oil.
China`s Commerce Ministry said last week it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including crude oil, agricultural products and small aircraft.
In retaliation, Trump said he was ordering US companies to look at ways to close operations in China and make products in the United States.
"Unless you believe a trade deal will happen the slowdown in the global economy continues ... and earnings all over the globe will be under pressure," said Greg McKenna, strategist at McKenna Macro.
Meanwhile, US crude oil and gasoline inventories likely fell last week, while distillate stockpiles rose, a preliminary Reuters poll showed on Monday.
Five analysts polled by Reuters estimated, on average, that crude inventories fell 2.1 million barrels in the week to August 23.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
If you make RDs of Rs 5,000, Rs 10,000, Rs 15,000, and Rs 20,000 in post office, what will be your maturity amount?
Special Live Trading Session on Saturday: Know why BSE, NSE will remain open on May 18; check timings
Top 7 SIP Mutual Funds in 1 Year: What Rs 10,000, Rs 15,000, and Rs 20,000 SIPs have given in each fund
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
Women loco pilots speak about their struggle; many men have to be informed even for 'washroom break' in a moving train
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
09:00 AM IST