Oil Rises as US-China Tariff Extension Lifts Trade HopesSingapore, 12 Aug (ONA) — Oil prices rose today after the United States and China agreed to extend a pause on higher tariffs, easing concerns that an escalation of their trade dispute could damage economic growth and curb fuel demand in the world’s two largest oil consumers.
Brent crude futures gained 26 cents, or 0.39%, to $66.90 a barrel, while US West Texas Intermediate (WTI) crude futures rose 22 cents, or 0.34%, to $64.18.
US President Donald Trump extended the tariff truce with China for an additional 90 days, a White House official confirmed yesterday “Monday”, averting the imposition of triple-digit duties on Chinese goods as US retailers prepare for the year-end holiday shopping season.
Investors are also awaiting US inflation data due later today, which could offer clues on the Federal Reserve’s interest rate path. Any signal of a potential rate cut would likely lend further support to crude prices. — Ends/AH