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Oil Price Today Moves Up - Optimistic for US-China Trade deal

May 10, 2019 | Friday

Commodities

   

The United States oil prices incline on Friday led by the positive view on the trade deal between Beijing and Washington. Meanwhile, majority of investors fear for the initiated tariff war extensively harm the global economic growth.

The Brent crude futures also up by 0.7 percent/48 cents during its last close. It amounts at $70.85 per barrel on 00:21 GMT. Elsewhere, the U.S. West Texas Intermediate (WTI) crude futures up by 1 percent/59 cents on their last settlement. It amounts to $62.29 per barrel opposing its last session close down by 0.7 percent.

According to the analysts, the oil industry is making its effort to support and be a renewed hope for the U.S.-China trade deal. The U.S. President Donald Trump also hints that he received a "beautiful letter" coming from President Xi Jinping.

President Trump quoted some of President Jinping's statement on the letter, that both their country work together and see what they can get done.

Despite some hints on the letter, traders are on edge as Washington gets ready to continue its plan to increase tariffs on $200 billion worth of Chinese goods at 12:01 a.m. EDT Friday (Saturday 04:01 GMT).

According to OANDA Senior Market Analyst, Alfonzo Esparza, the result of the U.S.-China trade talks is still "uncertain." Esparza said that the global growth outlook was hit by tariff escalation in 2018 before it ceases as both sides agreed to have a negotiation on their trade dispute.

Positive trade comes supported by the efforts of the Organisation of Petroleum Exporting Countries to cut the supply leading to higher demand.

Other Commodity News: Gold price updates

The gold prices on Friday remains on its weekly gain as most investors distance themselves from riskier assets concern on the rift of trade between the U.S. and China.

The spot gold is unchanged amounting to $1,283.41 an ounce during 03:11 GMT increasing at about 0.4 percent for this week. Moreover, the U.S. gold futures also steady amounting to $1,284.30 per ounce.

   

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