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TEHRAN, April 10 - Oil markets rose for a second day on Tuesday on hopes that a trade dispute between the United States and China, the world’s two biggest crude consumers, may be resolved without greater damage to the global economy.
TEHRAN, Young Journalists Club (YJC) - Oil markets rose for a second day on Tuesday on hopes that a trade dispute between the United States and China, the world’s two biggest crude consumers, may be resolved without greater damage to the global economy.
Yet prices remain within recent ranges as oil markets still face an abundance of supply that puts pressure on producers to keep their prices competitive in order not to lose market share.
Brent crude futures were at $68.97 per barrel at 0417 GMT, up 32 cents, or 0.5 percent, from their last close.
U.S. West Texas Intermediate crude futures were at $63.76 a barrel, up 34 cents, or 0.5 percent.
The gains followed a more than 2 percent rally on Monday during European and American trade hours, but that was a rebound from a 2 percent decline on Friday.
Chinese President Xi Jinping on Tuesday promised to open the country’s economy further and lower import tariffs, in a speech that struck a conciliatory tone on the rising trade tensions between China and the United States.
Concerns of a prolonged trade dispute between the world’s two biggest economies and uncertainty over the supply and demand balance of global oil markets have resulted in volatile recent trading. A trade dispute between the U.S. and China could lead to slower economic growth that would limit oil demand.
Beyond the trade dispute, oil markets are also concerned about the potential of renewed U.S. sanctions against some significant oil producers.
“In addition to the risk of protectionism, there has been a significant change in the Trump administration that has raised risks of potential sanctions on key oil exporting countries including Iran, Venezuela and Russia,” U.S. bank JPMorgan said.
Source:Reuters
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