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Oil rises by over 1 percent on U.S.، China trade talk optimism

Wednesday 09/January/2019 - 10:10 AM
Sada El Balad
Edited By: Rehab Sayed
Oil prices rose by around 1 percent on Wednesday، extending gains from the previous session on hopes that Washington and Beijing may soon resolve trade disputes that have cast a dark shadow over the global economy. Reuters reports

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $50.42 per barrel at 0752 GMT، up 64 cents، or 1.3 percent، from their last settlement. That marked the first time this year that WTI has topped $50 a barrel.

International Brent crude futures LCOc1 were up 69 cents، or 1.2 percent، at $59.41 per barrel.

Both crude price benchmarks had already gained more than 2 percent in the previous session.

“Crude continues to extend gains as early reports from Beijing regarding trade negotiations are fueling optimism around successful trade talks between the U.S. and China،” said Stephen Innes، head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.



“Crude continues to extend gains as early reports from Beijing regarding trade negotiations are fueling optimism around successful trade talks between the U.S. and China،” said Stephen Innes، head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

“After a dreadful December for risk markets، crude oil continues to catch a positive vibe،” Innes said.

The oil price jumps were in line with Asian stock markets، which climbed to 3-12 week highs on Wednesday.

Trade talks in Beijing between the world’s two biggest economies entered a third day on Wednesday، amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased U.S. access to China’s markets.

State newspaper China Daily said on Wednesday that Beijing is keen to put an end to its trade dispute with the United States، but that it will not make any “unreasonable concessions” and that any agreement must involve compromise on both sides.

If no deal is reached by March 2، Trump has said he will proceed with raising tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports at a time when China’s economy is slowing significantly.

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