Market - - Jan 04,2019
On Friday, oil prices climbed higher, trembling down previous losses since China announced it would initiate trade talks with the U.S. government in January.
Since the past few months, the world’s two biggest economies have been stuck up in a trade war that has disrupted the transaction of hundreds of billions of dollars covering goods and services, further risking conditions for a global economic stoppage.
On Friday, International Brent crude futures LCOc1 at 0542 GMT recorded $56.12 per barrel, up by 17 cents, or 0.3 percent, compared to its last close.
Moreover, crude oil futures for U.S. West Texas Intermediate (WTI) were recorded at $47.25 per barrel, climbing 16 cents, or approximately 0.3 percent.
According to traders, the securer prices came right after China’s commerce ministry announced on Friday that it is ready to hold trade talks at vice-ministerial level with U.S. equivalents in the nation’s capital on Jan 7-8. It seems that the two countries are wishing to rest the dispute which is wreaking down both economies as well as tossing global financial markets.
It has been noticed that leading economies across Asia and Europe are experiencing a significant fall in manufacturing activity since the start of the U.S-China trade spat.
In spite of the global market chaos, traders said prices for oil are expected to gain some support since supply cuts were declared late last year by (OPEC) which are expected to initiate.