Oil hits $70 per barrel as China offers soothing words on trade

WTI Crude Oil

Commodities were on a tear on Tuesday as trade war concerns ebbed and the US Department of Energy bumped up its short-term forecasts for Brent and West Texas Intermediate.

Oil hit US$70 a barrel today, in its biggest two-day rally in almost a month, as investors grew more confident that a brewing trade dispute between the United States and China may be resolved without causing harm to the global economy.

President Xi Jinping on Tuesday promised to open China's economy further and lower import tariffs, striking a conciliatory tone on the trade tensions between his country and the United States.

The president met with military officials in the White House Monday to discuss the administration's response to an alleged chemical weapons attack carried out by Syrian President Bashar Assad 's government against its own people.

Brent crude futures LCOc1 jumped $2.39, or 3.5 percent, to settle at $71.04 a barrel.

Читайте также: PM Narendra Modi lacks guts to face Congress in Parliament: Rahul Gandhi

US West Texas Intermediate (WTI) crude futures for the May contract edged higher by 1.2 percent to $64.22 per barrel, while worldwide benchmark Brent futures for June delivery climbed by 1.2 percent to $69.53 per barrel. Adding to the tensions, Saudi Crown Prince Mohammed bin Salman said Tuesday that the country could be a part of an global response to the Syrian violence, Reuters reported.

Traders said weekly US fuel inventory data would provide further market guidance. The "market [also] bounced this morning after the Chinese president's more dovish comments on the trade war". This was its largest single-day percentage gain since September.

Concerns about a trade war between the U.S. and China also eased some more after President Donald Trump struck a more conciliatory tone, saying on Twitter on Tuesday that he will "make great progress together" with China's president, Xi Jinping. Xi's comments likely sought to temper growing trade tensions between Washington and Beijing, which have been announcing tit-for-tat tariffs over the past two weeks.

Additionally, decreased demand from US Gulf Coast refineries amid spring turnaround season has left more volume available for the export market. Because oil is dollar-priced, a stronger greenback makes purchases in other currencies more expensive. The minister said he would seek an extension to the OPEC-Russia deal, which expires in December.

Oil markets have generally been supported by healthy demand as well as supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC).

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2019 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Related news:

Hot News

isis-killer-beheading-video-story-top China's president promises to cut auto import tariff
Апр 10, 2018 - 20:18
Treasuries as a tactic in the trade dispute. "They must end unfair trade, take down barriers and charge only Reciprocal Tariffs". "I think we're going to make deals with a lot of countries that have taken advantage of us", the President added.

isis-killer-beheading-video-story-top Vettel holds on to win again in Bahrain with Alonso in seventh
Апр 10, 2018 - 20:15
The race stewards said they felt Ferrari had done all they could to minimise the risk of the wheel coming off the vehicle . Teammate Brendon Hartley, who damaged his front wing when he hit a bird early in the session, just missed out in 11th.

isis-killer-beheading-video-story-top Syria, Russia accuse Israel over strike on Syrian air base
Апр 10, 2018 - 20:11
The Syrian opposition blamed the suspected chemical attack on Saturday in the town of Douma on government forces. SANA reported that there were deaths and injuries as a result of the attack but did not give exact figures.

isis-killer-beheading-video-story-top Javier Hernandez Earns West Ham Prized Point At Chelsea
Апр 10, 2018 - 19:51
"They played a few tricky one-twos and they did get in a couple of times, but in the second half we started to suss it out". There was also a minute's applause prior to kick-off, with the Chelsea players wearing black armbands in memory of Wilkins.

isis-killer-beheading-video-story-top Facebook Messenger Will Soon Let You 'Unsend' Messages Just Like Mark Zuckerberg
Апр 09, 2018 - 01:12
Facebook on Friday announced new moves it says will help combat foreign interference in USA elections, the New York Times reports. Currently, users can only delete messages from their own inboxes which will still show up in the recipient's thread.

isis-killer-beheading-video-story-top Germany praises bail decision for ex-Catalan leader
Апр 09, 2018 - 01:11
The court, however, has not ruled out extradition on the charge of "embezzlement". "I hope the situation could help". Catalonia's former leader Carles Puigdemont addresses a news conference in Berlin , Germany, April 7, 2018.

isis-killer-beheading-video-story-top Ronaldo's Record Strike Not Enough For Madrid Derby Win
Апр 09, 2018 - 01:10
We have many matches, he's a Real Madrid player and is here to stay. "In the first half, we created chances, but we didn't score". The Atletico star is clearly a fan of the video game Fortnite and has already given us a few celebrations inspired by the game.

isis-killer-beheading-video-story-top Brazilian media: Ex-president Lula surrenders
Апр 09, 2018 - 01:07
Today, anyone convicted and losing a first appeal - which is Lula's case - has to conduct any further appeals in prison. With Lula nearly certainly knocked out of the presidential election, the race is likely to be thrown wide open.

isis-killer-beheading-video-story-top Apple To Drop Intel Chips From Macbooks
Апр 09, 2018 - 01:06
A Bloomberg supply chain survey reveals that Apple accounts for nearly 5 percent of Intel's entire revenue. Companies such as Dell, HP, Lenovo, and a handful of others rely on Intel for their computers' chips.

isis-killer-beheading-video-story-top Antonio Conte: 'Game against West Ham United explains Chelsea's season'
Апр 09, 2018 - 01:05
But Wilkins is often most-fondly remembered by Chelsea , with the club putting on a series of tributes for the legend on Sunday. How many times have I said to you? 'We are paying a lot for this situation and if it happens a lot then you have problems.

isis-killer-beheading-video-story-top Expenses rack up for family trying to return dead son's body home
Апр 09, 2018 - 01:00
Three other children, Devonte, 15, Hannah, 16, and Sierra, 12, were not found and are feared to be dead. In Mannsville, a family is figuring out what's left after a fire overnight Friday into Saturday.

isis-killer-beheading-video-story-top Tour Bus Crash-Masters,4th Ld-Writethru, US
Апр 09, 2018 - 00:58
Westbound traffic has since cleared but eastbound traffic is still heavy with single lane traffic being diverted to the shoulder. The bus first ran off the right side of Interstate 20, then flipped into the median when the driver overcorrected to the left.

isis-killer-beheading-video-story-top Oil price hit by trade war fears
Апр 08, 2018 - 02:13
Brent crude futures fell $1.23 on the day to $66.89 a barrel by 0918 GMT, bringing losses for the week so far to almost 5 percent. The gasoline stocks fell by 1.1 million barrels, compared with analysts' expectations for a 1.3 million barrels drop.

isis-killer-beheading-video-story-top Stoke City 1-2 Tottenham Hotspur: Eriksen stars
Апр 08, 2018 - 02:11
Pochettino also urged his players not to simply accept the job is done and to push on and finish runners-up to Manchester City . It has put us in a very good position in the table.

isis-killer-beheading-video-story-top Russian Embassy Decries New US Sanctions as 'Erroneous Step'
Апр 08, 2018 - 02:09
The Trump administration's action means USA citizens can no longer engage in dealings with the proscribed individuals or entities. White House press secretary Sarah Sanders said USA officials would continue to work toward a meeting with Putin at some point.