Oil prices gave back some of their gains from earlier in the day after China said they are rolling back tariffs with the U.S.
Gao Feng, a spokesperson for China’s Commerce Ministry, said at a weekly briefing in Chinese that the U.S. and China have “agreed to remove the additional duties imposed on each other’s products in different phases after they make progress in reaching a deal.”
Canceling tariffs is vital to the first phase of their trade agreement, which both sides have agreed to do as negotiations progress, he said.
U.S Crude Oil WTI Futures dropped 0.5% to $56.88 by 12:10 AM ET (04:10 GMT). International Brent Oil Futures fell 0.3% to $62.12.
Oil prices initially gained on Gao’s remarks, while stock markets also rallied in the U.S as all three major indexes on Wall Street hitting record highs overnight. Chinese stocks also gained today, with the Shanghai Composite and the SZSE Component rising 0.4% and 0.9%.
Source : Investing.com