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Oil prices recovered from its drop on Tuesday after U.S. President Donald Trump sought a new trade deal with China after positive comments by Beijing, calming nerves in the market after a tit-for-tat tariff hike that had kent the markets unsteady.
Brent crude was up by 25 cents, or 0.4%, at $58.95 a barrel by 0214 GMT, after falling 1% in the previous session for the third day in a row.
U.S. crude was up by 30 cents or 0.6% at $53.94 a barrel, having also dropped 1% on Monday for the fourth day of declines.
Chinese Vice Premier Liu He said that China was willing to resolve the trade dispute through “calm” negotiations while Trump said that he believed that China was sincere about wanting to reach a deal, settling global markets.
Oil prices have fallen around 20% from 2019 high reached in April due to the concerns of the U.S.-China trade conflict which could dent demand for oil.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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