• 4 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 7 minutes Beijing Must Face Reality That Taiwan is Independent
  • 11 minutes Phase One trade deal, for China it is all about technology war
  • 14 minutes Shale Oil Fiasco
  • 22 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 14 mins Trump has changed into a World Leader
  • 2 hours Which emissions are worse?: Cows vs. Keystone Pipeline
  • 1 hour Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 12 hours What's the Endgame Here?
  • 7 hours Indonesia Stands Up to China. Will Japan Help?
  • 3 hours Might be Time for NG Producers to Find New Career
  • 12 hours Turkey Muscles-In on Israel-Greece-Cyprus EastMed Gas Pipeline Deal. Erdogan Still Dreaming of Ottoman Empire II.
  • 6 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 19 hours Trump capitulated
  • 19 hours US Shale: Technology
  • 20 hours Gravity is a scam!
Alt Text

Is Iraq Too Risky For Oil Majors?

Description: Tensions in Iraq seemed…

Alt Text

Iran Regime Change Could Push To $40 Oil

It sounds counterintuitive and counterlogical,…

Alt Text

A Worrying Sign For U.S. Shale

After years of adding drilled…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Rebounds As U.S., China Hint At Trade War De-Escalation

Oil prices rose on Monday morning, bouncing back from Friday’s plunge, after both the United States and China signaled de-escalation of the trade spat they had intensified at the end of last week.

At 09:09 a.m. EDT on Monday, WTI Crude was up 1.16 percent at $54.80 and Brent Crude was trading up 0.77 percent at $59.25, after the two largest economies in the world sought to appease the trade war escalation from last week.  

On Friday, China and the United States traded tariff and counter-tariff announcements, with Beijing saying first that China would place tariffs on a range of U.S. products worth US$75 billion, including crude oil, in two batches starting on September 1 and on December 15. U.S. President Donald Trump retaliated with announcements of higher tariffs on Chinese products.

The escalation of the trade spat sent global markets, including the oil market, tumbling on Friday amid renewed concerned about the future of the global economy and oil demand growth.

After the weekend ended, both China and the U.S. appeared to signal willingness to avoid escalation in the dispute.

“China called last night our top trade people and said let’s get back to the table,” U.S. President Donald Trump said on the sidelines of the G7 summit in France. Related: Is China Blocking Vietnam’s Access To $2.5 Trillion In Oil & Gas?

From China, Vice Premier Liu He—the one leading the talks with the U.S.—said on Monday that Beijing wanted to reach a resolution in the trade war via “calm” talks and is firmly against the trade spat escalating.To this, President Trump praised Chinese President Xi Jinping:

“Great respect for the fact that President Xi & his Representatives want 'calm resolution.’ So impressed that they are willing to come out & state the facts so accurately. This is why he is a great leader & representing a great country. Talks are continuing!”

These signals that the world’s largest economies would look to avoid a full-blown trade war made the markets and investors a little less nervous on Monday about what’s next for the global economy and oil demand.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News