Oil Prices Rise on Positive Trade Development

Oil Prices Rise on Positive Trade Development

12 Sep 2019 09:48 AM
 
Oil prices gained on Thursday in Asia amid positive Sino-U.S. trade developments. Falling crude stockpiles were also cited as tailwinds.  The U.S. Crude Oil WTI Futures gained 0.9% to $56.23. International Brent Oil Futures rose 0.8% to $61.27. Overnight, U.S. President Donald Trump said in a tweet that he will be postponing the imposition of 5% extra tariffs on Chinese goods by two weeks “as a gesture of good will.” The decision came after China said earlier this week that it will exempt a range of U.S. goods from 25% of extra tariffs.  The move eased tensions between the two sides as they prepare in-person trade negotiations in Washington in October.  Oil prices are down about 15% from its peak in April as markets have been under pressure on fears that the Sino-U.S. trade war would drag on.