U.S. oil prices rose on Friday on renewed optimism that a trade deal between Was...
SYDNEY - U.S. oil prices rose on Friday on renewed optimism that a trade deal between Washington and Beijing could be struck, as investors have been fearing that a protracted tariff war would harm global economic growth.
Brent crude futures were at $70.85 a barrel at 0021 GMT, up 48 cents, or 0.7 percent, from their last close. Brent closed little changed in the previous session. Analysts said oil was drawing support on renewed hopes that a China-U.S. trade deal after U.S. President Donald Trump said he received a “beautiful letter” from Chinese President Xi Jinping.Still, traders remained on edge as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China at 12:01 a.m. EDT on Friday.
“Global growth forecasts were hit by tariff escalation last year, before a ceasefire and negotiations kicked up a notch.”
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