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Oil rises as hopes for a breakthrough in Sino-US trade crisis grow

UNITED STATES, WASHINGTON (OBSERVATORY) — Oil prices rose on Tuesday after US President Donald Trump signed a trade deal with China after positive comments from Beijing, easing concerns after the latest round of tariff exchanges between the two countries pushed markets lower.

Brent crude rose 32 cents, or 0.55 percent, to $ 59.02 a barrel by 0850 GMT, after falling 1 percent in the previous session to record a decline for the third day in a row.

US West Texas Intermediate (WTI) crude was up 36 cents, or 0.67 percent, at $ 54 a barrel, down 1 percent on Monday.

Trump said on Monday he believed China was sincere about its willingness to reach an agreement, while Chinese Vice Premier Liu He said Beijing wanted to settle the dispute through “quiet negotiations.”

“While the ‘lull’ and the expectation of a temporary truce in the trade war may have been the reason for the upswing in oil prices this morning, it will take time to resolve the US-China trade dispute,” said Harry Schillingorian, oil analyst at BNP Paribas in London.

“Oil prices seem to get a deadline from last week’s US and Chinese announcements of retaliatory trade measures.”

Oil prices have fallen 20 percent from their year-highs in April, partly because of concern that a trade war between China and the United States could hurt the global economy, which could weaken oil demand.

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