Oil prices on rise as US, China trade tension eases

Oil prices on rise as US, China trade tension eases

WAAR_DUHOK

 

Crude oil prices opened Tuesday on a higher note as the U.S. allowed American firms to continue trading with Chinese company Huawei, while effectively easing trade tension between the world’s two biggest economies.

International benchmark Brent crude was trading at $59.98 per barrel at 0624 GMT for a 0.4% gain after it closed Monday at $59.74 a barrel.

American benchmark West Texas Intermediate was at $56.38 a barrel at the same time for a 0.3% increase after ending the previous session at $56.21 per barrel.

U.S. Commerce Secretary Wilbur Ross said Monday his country would allow trade to continue for another 90 days between American companies and Chinese telecommunications giant Huawei, ending around Nov. 19.

“We are doing very well with China, and talking!” U.S. President Donald Trump also said via Twitter on Sunday.

Both statements signaled that the trade tension between the world’s two largest economies and oil consumers could end soon, allowing for greater global oil demand this year.

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