Oil rises on U.S-China trade talks, OPEC-led supply cuts

SINGAPORE (Reuters) – Oil prices jumped around 1.5 percent on Monday, pushed up by optimism that talks in Beijing can resolve a trade war between the United States and China, while supply cuts by major producers also supported crude. Brent crude futures LCOc1 were at $57.93 per barrel at 0635 GMT, up 87 cents, or 1.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $48.76 per barrel, up 80 cents, or 1.7 percent. Financial markets were riding a relief rally on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing, starting on Monday, would lead to an easing in tensions between the two biggest economies in the world. The United States and Beijing have been locked in an escalating trade spat since early 2018, raising import tariffs on each other’s goods. The dispute has weighed on economic growth. In the latest sign of widespread economic slowdown that could also hit fuel demand, British new car sales in 2018 fell at their fastest rate since the global financial crisis a decade ago, preliminary data from the Society of Motor Manufacturers and Traders (SMMT) showed on Monday. Goldman Sachs said… continue reading

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