Tag: Brent crude

Oil rises to 7-week high on US-China trade deal

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Oil price

LONDON: Oil prices rose to their highest in seven weeks on Wednesday as U.S. President Donald Trump said a deal had been done with China, heightening expectations of a de-escalation in trade tensions between the world’s two largest economies. Brent crude futures were up $1.15, or 1.7%, to $68.02 a barrel at 1249 GMT, while U.S. West Texas Intermediate crude was up $1.31, or 2%, to $66.29. At that level, WTI reached its highest in more than two months. Trump said Beijing would supply magnets and rare earth minerals and…

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Oil prices headed for rebound this week as US-China trade talks resume

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Oil prices

LONDON: Oil prices steadied on Friday and were on track for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world’s two largest economies. Brent crude futures fell 9 cents, or 0.1%, to $65.25 a barrel by 1210 GMT. U.S. West Texas Intermediate crude lost 12 cents, or 0.2%, to $63.25. On a weekly basis, both benchmarks were on track to settle higher after declining for two straight weeks. Brent…

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Oil steadies after Trump extends EU trade talks deadline

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Oil falls

LONDON: Oil prices traded around flat on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about U.S. tariffs on the bloc that could hit fuel demand. Brent crude futures were unchanged at $64.78 a barrel by 1234 GMT while U.S. West Texas Intermediate crude slipped 4 cents to $61.49 a barrel. Both contracts had traded higher earlier in the session after Trump said he agreed to extend a deadline for trade talks with the European Union until July 9. “Trump’s…

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