Sunday, 12 July 2020

Oil rallies on hopes for Washington-Beijing trade deal

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SYDNEY: U.S. oil prices rose on renewed optimism that a trade deal between Washington and Beijing could be struck, as investors have been fearing that a protracted tariff war would harm global economic growth.

Brent crude futures were at $70.85 a barrel at 0021 GMT, up 48 cents, or 0.7 percent, from their last close. Brent closed little changed in the previous session

U.S. West Texas Intermediate (WTI) crude futures were at $62.29 per barrel, up 59 cents, or 1 percent, from their previous settlement. WTI closed the last session down 0.7 percent.

Analysts said oil was drawing support on renewed hopes that a China-U.S. trade deal after U.S. President Donald Trump said he received a “beautiful letter” from Chinese President Xi Jinping.

Trump quoted the letter as saying: “Let’s work together let’s see if we can get something done.”

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