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

An Oil Price Rally Is Likely

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.

Vettel holds on to win again in Bahrain with Alonso in seventh
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.

Tour Bus Crash-Masters,4th Ld-Writethru, US
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.

Art Dealer Killed in Trump Tower Fire
Owners of such older residential high-rises are required to install sprinklers only when the building undergoes major renovations. ABC reported that it was the second fire this year at Trump tower. " Fire at Trump Tower is out", he wrote at 6:42 p.m.

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).

Related news:

Hot News

isis-killer-beheading-video-story-top Facebook's new plan: allow everyone to 'unsend' messages
Apr 10, 2018 - 20:21
He said there might be other Facebook officials better positioned to appear, depending on what Congress wanted to know. People can do this by tapping the three dots at the top right corner of the ad and selecting Report Ad", it said .

isis-killer-beheading-video-story-top Phil Mickelson hits driver off the deck to six feet, makes eagle
Apr 10, 2018 - 20:17
And not only does he attempt one of the toughest shots in golf, he executes it to perfection. Check out Mickelson's fantastic effort and his ensuing eagle putt, which he converted.

isis-killer-beheading-video-story-top WrestleMania 34: Brock Lesnar Surprisingly Defends Title; What About UFC Return?
Apr 10, 2018 - 20:14
In recent weeks, the focus shifted to Brock continually kicking the living s*** out of Reigns in episode after episode of Raw . That being said, it's the aftermath of the main event at the Mercedes-Benz Superdome in New Orleans that has people talking.

isis-killer-beheading-video-story-top United mount remarkable comeback to halt City title celebrations
Apr 10, 2018 - 20:13
That goal was the first Mourinho's men had scored away from home against top-five opposition in the Premier League all season. If Guardiola thought Pogba was too expensive - even for City - in January, he certainly will be now.

isis-killer-beheading-video-story-top Trump says 'many people' have told him to fire Robert Mueller
Apr 10, 2018 - 20:12
Attorney's office in Manhattan and was based at least partly on a referral from Mueller. Cohen's attorney, Stephen Ryan, said Monday's raid was conducted by the U.S.

isis-killer-beheading-video-story-top Syria, Russia accuse Israel over strike on Syrian air base
Apr 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 New record for world's hottest chilli
Apr 10, 2018 - 20:09
He achieved this accomplishment by consuming 120 grams of the pepper in 60 seconds at the Arizona Hot Sauce Expo in November 2016. Sometimes, this condition can occur as a reaction to certain prescription drugs, or to illegal drugs such as cocaine or ecstasy.

isis-killer-beheading-video-story-top Javier Hernandez Earns West Ham Prized Point At Chelsea
Apr 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 Presidential Twitter tirade on Mexico's migrant caravan: The truth behind the noise
Apr 09, 2018 - 01:08
The number of people traveling this year is greater than that of last year. Organizers said the caravan will not disperse, instead heading north soon.

isis-killer-beheading-video-story-top Brazilian media: Ex-president Lula surrenders
Apr 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
Apr 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'
Apr 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.

Israeli Forces Journalist Target During "Great March" Succumbs To His Injuries
Apr 09, 2018 - 00:58
Israel argues that Hamas could have ended the suffering of Gaza's 2 million people by disarming and renouncing violence. But they stopped short of specifically threatening a mass breach of the border fence.

isis-killer-beheading-video-story-top Cripps, Moosman lead Carbon Softball to Dominating Win
Apr 08, 2018 - 02:12
In the circle pitching for the Dinos was freshman Brooke Moosman who threw a no-hitter against Delta with three strikeouts. Ray put the Bearcats (7-5-1) on the scoreboard with an RBI single in the first, then hit his grand slam in the second.

isis-killer-beheading-video-story-top Koreas holds preparatory talks to set up Kim-Moon summit
Apr 08, 2018 - 02:12
Instead, the USA and South Korea are said to be the main focus of North Korea's military threats. Trump and Kim are expected to have a sitdown for a major peace summit during May.