• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 22 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 9 hours Shale Oil will it self destruct?
  • 23 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 18 hours Iran Captures British Tanker sailing through Straits of Hormuz
  • 2 hours Renewables provided only about 4% of total global energy needs in 2018
  • 3 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 1 day Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 2 days Today in Energy
  • 7 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 2 days Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 days Why Natural Gas is Natural
  • 2 days LA Solar Power/Storage Contract
  • 23 hours U.S. Administration Moves To End Asylum Protections For Central Americans
Alt Text

Trade Deal Could Send Oil To $75

One of the decisive factors…

Alt Text

Trade Truce Sends Oil Prices Higher

The intention of Presidents Trump…

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 Prices Jump On Hopes Of End To U.S.-China Trade War

Oil prices erased earlier losses and surged on Tuesday morning after U.S. President Donald Trump said that he would meet his Chinese counterpart next week to discuss the ongoing trade dispute, lending hope to the oil market that talks will resume after weeks of stalemate.

“Had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting,” President Trump tweeted on Tuesday morning.

As of 11:20 a.m. EDT on Tuesday, WTI Crude was soaring 4.16% at $54.09, while Brent Crude prices were surging 2.72% at $62.60.  

Earlier on Tuesday, oil prices were essentially flat as weak U.S. economic figures and concern over the trade war, coupled with estimates for yet another record in America’s shale production, were offsetting fears of an oil supply disruption due to increased tension in the Middle East.

In recent days, despite the escalating U.S.-Iran standoff after last week’s attacks on two oil tankers in the Gulf of Oman, oil market participants had turned their attention to signs of weakening oil demand growth and slowing economic activity in the face of a possible protracted trade war between the world’s two biggest economies.

President Trump’s tweet today, however, sent oil prices surging as the market—weary of weeks of gloomy oil demand outlooks—lapped up the news that the U.S. and China will resume the trade talks.

The high tension in the Middle East also supported the price of oil. So did a report by The Wall Street Journal, according to which Saudi Arabia is cutting its oil production even deeper this month as concerns over oil demand growth have intensified. The Saudis, OPEC’s biggest producer and de facto leader, are also asking other producers to follow and restrain production, OPEC officials told The Journal.  

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
Download on the App Store Get it on Google Play