WTI Crude Oil Prices Rise Over Hopes of a Trade Deal Between US and China

Crude oil prices are on the rise while markets remain optimistic that US and China will be able to strike a trade deal soon. WTI crude oil crossed $62.40 as a result, but is now trading slightly lower at around $62.

On Thursday, Donald Trump stated that he had received a “beautiful” letter from Chinese President Xi Jinping. This boosted market confidence that trade talks could get back on track and lead towards a deal soon.

Crude oil had turned bearish over escalating tensions because any drop in trade could not only reduce demand for crude oil in China, but could also cause a slowdown in global economic growth. Another key driver for the bullish growth in crude oil prices is the expectation that OPEC will continue to control oil supply in markets even as demand continues to rise.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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