Oil prices rebound on tariffs relief; heading for weekly losses
Oil prices rose Friday, bouncing from earlier losses after U.S. President Donald Trump signaled an easing of his tough stance on China tariffs ahead of a meeting with Chinese President Xi Jinping.
At 09:20 ET (13:20 GMT), Brent oil futures gained 0.2% to $61.18 a barrel, and West Texas Intermediate crude futures rose 0.2% to $57.57 a barrel.
Trump signals easing of Chinese tensions
Trump indicated Friday that the high tariffs imposed on Chinese goods will not remain in place long-term, signaling a potential shift in U.S.-China trade relations ahead of his upcoming meeting with Chinese President Xi Jinping.
"It’s not sustainable," Trump said in an interview with Fox Business when asked whether the current tariff levels could remain. "It could stand, but they forced me to do that."
Trump revealed he will meet with Xi in South Korea in two weeks, suggesting the encounter could lead to trade negotiations. "I think we’ll be fine with China," Trump stated during the interview, a clip of which aired Friday.
Signs of cooling of tensions between the two largest economies in the world have helped boost sentiment, as a dropping of tariffs would help boost global trade and thus demand for crude.
Source : Investing.com