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The truce in the trade war between the United States and China enables Chinese Unipec, the Sinopec trade division, to resume supplies of American oil until the completion of the 90-day negotiation period on March 1. This was reported to Reuters by informed sources. During the period of aggravation of the trade conflict between the two countries, China stopped oil supplies from the United States. The agreement reached by the leaders of the two largest economies in the world, postponed for 90 days the introduction of new duties in order to enter into a trade agreement. Unipec plans to replenish China's reserves of American oil before March 1, given its low prices. Unipec is expected to order a record amount of oil from the United States in January.
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 ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...
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