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Oil rises on U.S-China trade talks, OPEC-led supply cuts


Monday, 7 January 2019 13:55 WIB

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Oil prices jumped around 1.5 percent on Monday, pushed up by optimism that talks in Beijing can resolve a trade war between the United States and China, while supply cuts by major producers also supported crude.

Brent crude futures were at $57.93 per barrel at 06:35 GMT, up 87 cents, or 1.5 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures were at $48.76 per barrel, up 80 cents, or 1.7 percent.

Financial markets were riding a relief rally on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing, starting on Monday, would lead to an easing in tensions between the two biggest economies in the world.

The United States and Beijing have been locked in an escalating trade spat since early 2018, raising import tariffs on each other’s goods. The dispute has weighed on economic growth.

Source: Reuters


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