• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 32 mins Rioting and Protesting
  • 2 hours Would bashing China solve all the problems of the United States
  • 43 mins WHY was George Floyd Murdered and Why Publicly
  • 3 hours Thugs in Trumpistan
  • 3 hours Model 3 cheaper to buy than BMW 3 series.
  • 10 hours Iran's first oil tanker has arrived near Venezuela
  • 5 hours Pompeo's Hong Kong
  • 2 hours So the President is on that Hydroxy
  • 1 hour Build Back Better is the Latest Globalist Plot
  • 14 hours Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 2 hours Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 5 hours Obamagate Is Not a Conspiracy Theory
  • 7 hours Michael Moore's Controversial "Planet of the Humans" Movie
The Shale Bust Has Arrived

The Shale Bust Has Arrived

As shale drilling comes to…

The Next Big Wildcard For Oil Markets

The Next Big Wildcard For Oil Markets

Crude futures have seen an…

Oil And Gas Rig Count Falls For Ninth Straight Week

Oil And Gas Rig Count Falls For Ninth Straight Week

Baker Hughes reported on Friday…

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