Oil surges almost 3 percent as China calms trade war jitters

Brent Crude Oil

Brent crude futures LCOc1 were at $68.52 per barrel, down 13 cents, or 0.2 per cent.

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.

In post-settlement trading, Brent hit $71.34, its highest since December 2014.

Oil prices surged more than 3 percent on Tuesday as investors grew more confident the United States and China would resolve their trade dispute without damaging the global economy, while Middle East tensions and a weak dollar also supported prices.

US West Texas Intermediate (WTI) crude futures for the May contract edged higher by 1.2 percent to $64.22 per barrel, while worldwide benchmark Brent futures for June delivery climbed by 1.2 percent to $69.53 per barrel.

Market players now looked ahead to fresh data on USA commercial crude inventories to gauge the strength of demand in the world's largest oil consumer and how fast output levels will continue to rise.

West Africa's crude oil loadings for Asia are set to fall to a five-month low in April, dragged down by a backlog of cargoes outside China and strong Brent prices that hindered new bookings, a Reuters survey of shipping fixtures and traders showed on Friday. "The odds of a coordinated response to the chemical-weapon attack in Syria (http://www.marketwatch.com/story/trump-issues-warning-after-dozens-killed-in-apparent-chemical-weapons-attack-in-syria-2018-04-08) is making short selling more risky".




The report comes a week after Crown Prince Mohammed first told Time magazine that he expected Aramco's public launch to coincide with higher oil prices. "Usually, what the Saudis want, the Saudis get", said Flynn. Looking at reactions in markets, crude oil prices strengthened following the EIA report.

"It's not so much "risk on/risk off", as it is "trade war on/trade war off" and, at the moment, we're "trade-war off", London Capital Group's Jasper Lawler said.

USA crude inventories fell by 4.6 million barrels last week, compared with analysts' expectations for an increase of 246,000 barrels, EIA data showed on Wednesday.

The EIA's weekly petroleum supply data are due Wednesday.

Oil markets have been supported by healthy demand and supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC). Only Russia pumps more crude, at nearly 11 million bpd.

Among refined products, May gasoline rose 2.9% to $2.041 a gallon and May heating oil added 3.4% to $2.065 a gallon.

Related news:

Hot News

isis-killer-beheading-video-story-top Trump doubles down on defence of embattled EPA chief
Apr 10, 2018 - 20:04
Then during a trip to Italy in June, Pruitt was accompanied by nine aides and a security detail that cost more than $120,000. When asked if Pruitt should keep his job, Kennedy wouldn't give him an up or down vote.

isis-killer-beheading-video-story-top Karius: Liverpool should repeat Man City game plan
Apr 10, 2018 - 20:02
But maybe we will improve for the future regarding this, and realize that sometimes it is not enough what you've done to win. The Sunday Supplement panel assess what went wrong for Manchester City following their 3-2 defeat to Manchester United .

isis-killer-beheading-video-story-top Masters updates: Umbrellas out as Woods begins his 3rd round
Apr 10, 2018 - 20:02
Reed countered by saying McIlroy has pressure trying to complete the career grand slam. "You can put it either way", he said. Tiger Woods and Phil Mickelson have begun their third rounds at the Masters and the umbrellas are out at Augusta National.

isis-killer-beheading-video-story-top New OnePlus 6 leaks reveal color options, confirm design elements
Apr 10, 2018 - 19:57
The latest leak meanwhile also reveals several key aspects of the phone that has already been in public knowledge for a while now. A while back, an alleged OnePlus 6 DxOmark image came to light, depicting the smartphone's front in clear detail.

isis-killer-beheading-video-story-top No plans to allow China to set up military base: Vanuatu
Apr 10, 2018 - 19:57
When asked at his daily press briefing, China's foreign ministry spokesman Geng Shuang said the reports were " fake news ".

isis-killer-beheading-video-story-top 23 children die in India when school bus plunges into gorge
Apr 10, 2018 - 19:47
At least 27 children have died after a school bus plunged 200ft (60m) into a gorge in the Himalayan foothills in India. The state government has announced 500,000 rupees ($7,700) in compensation for each victim's family.

isis-killer-beheading-video-story-top Russell Crowe 'divorce' auction rakes in over $2.8 million dollars
Apr 09, 2018 - 00:42
The items had an 85 percent clearance rate, and all winning bids were topped with a 22 percent commission fee. Museum director Jamie Bell was thrilled two special items would be in New Zealand for all to enjoy.

isis-killer-beheading-video-story-top Sunil Narine smashes 17-ball fifty as Kolkata beat RCB in IPL
Apr 09, 2018 - 00:42
Immediately after the finish of the powerplay, KKR skipper Karthik brought Sunil Narine and Mitchell Johnson from both the ends. De Villiers welcomed him with a huge six but the move paid off soon as he top-edged the next ball which hurried on the batsmen.

isis-killer-beheading-video-story-top 'Black Panther' Passes 'Titanic' To Become 3rd On All-Time Box Office List
Apr 09, 2018 - 00:40
Well there is a new cat in town and the king of Wakanda just sank " Titanic ". Chadwick Boseman and Ryan Coogler at " Black Panther " screening.

isis-killer-beheading-video-story-top Manchester United make comeback to deny Manchester City title
Apr 09, 2018 - 00:38
LIVERPOOL legend Joey Jones has predicted goals, goals, goals in tonight Champions' League quarter-final classic at Anfield. Significant damage was caused, notably smashed front windows, and City needed a replacement bus for their journey home.

isis-killer-beheading-video-story-top Vikas Thakur wins bronze in weightlifting at 2018 Commonwealth Games
Apr 09, 2018 - 00:37
Vikas faltered in his final two attempts in clean and jerk , aiming for a 200kg lift that would have fetched him a silver. She failed to lift 108kg in her third and final effort. "I was expecting a good fight but from Fiji not England".

Israeli Authorities: Palestinian who tried to stab shot
Apr 09, 2018 - 00:33
A Palestinian farmer was also killed last week the before dawn on Friday, March 30th, the first day of the massive demonstration. Mohamed Anbar, 46, was shot and injured by Israeli soldiers near a military checkpoint in the city of Tulkarm last week.

isis-killer-beheading-video-story-top No bail for 'sleepless' Salman
Apr 08, 2018 - 01:33
He is also developing Bharat, a movie based on the Korean drama, Ode to My father, which could also c0-star, Priyanka Chopra. Film industry analysts say Salman has almost $90 million riding on him with at least three big projects in the pipeline.

isis-killer-beheading-video-story-top DHSK celebrates World Health Day 2018
Apr 08, 2018 - 01:25
On this occasion, the people were also apprised about the various health programmes and services being provided by the Department. It is celebrated on April 7 every year to draw people's attention to the importance of maintaining good health.

isis-killer-beheading-video-story-top Wrestlemania 34 draws fans from all over the world to New Orleans
Apr 08, 2018 - 01:08
I was mostly indifferent to her before coming to WWE , but I do love that she seems to have such a passion for the business. Man, I am exhausted just writing about Wrestlemania , no idea how anyone could sit through seven hours of watching it.