Oil rises on hopes of easing trade tension
Oil prices rose on Monday after the United States and China both suggested they could ease up in a trade war that has undermined the outlook for the global economy and crude demand.
Brent was up 56 cents, or 0.9 percent, at $59.90 a barrel by 0950 GMT, while US oil was up 66 cents, or 1.2 percent, at $54.83 a barrel.
US President Donald Trump said on Monday he believed China was seeking a trade deal after he said Beijing contacted US officials overnight to say it wanted a return to talks.
Chinese Foreign Ministry spokesman Geng Shuang said he had not heard about a phone call between the two sides.
China’s top negotiator, Vice Premier Liu He, had earlier said Beijing was willing to solve the impasse through “calm” negotiations and opposed an escalation.
Concerns for the global economy have increased as trade tensions between Beijing and Washington mounted in recent days.
Comments