• 5 minutes Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 8 minutes China Faces Economic Collapse
  • 12 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 14 minutes Iran in the world market
  • 17 minutes Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 1 hour Experts review drone damage . Say Saudis need to do a lot of explaining.
  • 9 hours USA Wants Iran War -- Shooty Shooty More
  • 5 mins Saudis Confirm a Cruise Missile from Iranian Origin
  • 14 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 14 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 10 hours The Spy Money: U.S. Wants To Seize All Money Edward Snowden Makes From New Book
  • 3 hours Aramco Production
  • 16 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 7 hours Trump Will Win In 2020 And Beyond..?
  • 8 hours The Belt & Road Initiative: A Wolf in Sheep's Clothing?
Alt Text

Can Oil Survive The Looming Economic “Ice Age?”

A wide-spread economic recession is…

Alt Text

Oil Jumps 4% On Positive Chinese Economic Data

Oil prices surged on Wednesday…

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