Oil Prices Rise, Trump Hints at Trade Peace with China
World oil prices rose again on Monday (October 13th), after US President Donald Trump signaled an openness to reaching a trade deal with China. Brent crude rose 1.5% to $63.69 per barrel, while WTI gained 1.6% to $59.85 per barrel, after plunging nearly 4% last Friday—their biggest drop since August. Trump's statement that relations with China "will be fine" provided a breath of fresh air to a market that had been worried about the threat of new 100% tariffs on Chinese imports starting November 1st.
This positive news has eased tensions after the two countries traded pressure with tariffs and export restrictions. However, analysts believe the rise in oil prices is still temporary, as there are no concrete signs that the trade conflict has truly abated. Meanwhile, additional supply from OPEC+ and global economic uncertainty continue to cloud the oil price outlook until the end of the year. (asd)
Source: Newsmaker.id